The raids were conducted both in the residences as well as the offices of the actor-producers in Kochi, Trivandrum, Chennai and Bangalore to "trace the unaccounted wealth" of the two top southern stars, reports said.
Mammotty's production house Play House premises in Chennai are being raided while Mohanlal's production firm Max Labs and his house in Kochi and a studio owned by him are under IT inspections, media reports said.
Mammootty is not only a top Malayalam star, but has acted in Tamil, Hindi, Telugu, and Kannada films in a career spanning more than three decades now.
Mohanlal is also a superstar who acted not only in Malayalam movies, but also in other southern languages and in Hindi.
They are both actors turned producers.