A Rolex watch, £25,000 and 10 diamond necklaces as well as a number of high value designer clothes and goods were seized by officers from GMP's Complex Fraud Investigation Team on Thursday, 26th January.
Officers executed three search warrants at a property and a car dealership in Rochdale and a further property in Alderley Edge.
Two men in their 40's were arrested on suspicion of money laundering and fraud by false representation.
The investigation relates to multiple allegations from customers that dozens of cars were being sold with outstanding finance, leaving them liable to pay the debt.
They both remain in custody ahead of being questioned by officers from GMP's Complex Fraud Investigation Team.
Detective Inspector James Coles from GMP's Economic Crime Unit said "This type of crime will not be tolerated in Greater Manchester.
"We work to put a stop to criminal's finances as this often is used to further criminality and violent crime.
"Money laundering costs the UK economy billions of pounds and this illicit finance often serves as the motivator for more serious and organised crime.
"We will continue and carry on targeting those suspected to be involved in money laundering and fraud and aim to seize their assets and cash so they can be reinvested into the communities of Greater Manchester and funnelled to those who need it."
Anyone with information about suspicious financial activity can report it to us online through our online crime reporting form, or by calling 101. You can also report via our Live Chat service on our website: www.gmp.police.uk
Details can also be passed anonymously to the independent charity Crimestoppers on 0800 555 111.