The arrests took place on Tuesday but did not include former chairman Luke Johnson, according to the Sunday Times.
Dublin-based Causeway Capital Partners now owns the company.
Over 900 people will be made redundant as cake chain Patisserie Valerie closed 71 stores after collapsing into administration.
Chairman Luke Johnson pledged up to £20 million in new loans on Friday to rescue the company from collapse and saved around 2,800 jobs.
Luke Johnson, executive Chair and largest shareholder, is lending the group £20 million.
The chain’s parent company is scrambling for last-minute funding.
Cake chain Patisserie Valerie is set to cease trading "immediately" unless it receives a cash injection.