TVB general manager and talk show host Stephen Chan Chi-wan was arrested for alleged corruption involving HK$10mil (S$1.8mil).
Also detained were the television station's business development chief Wilson Chan Wing-suen, variety department executive producer Wilson Chin Kwok-wai and actor Ning Jin.
Another in custody was Idea Empire Advertising and Production Company director Edthancy Tseng Pei-kun, who was a former assistant of Stephen.
The five suspects were arrested by the Independent Commission Against Corruption (ICAC) on Thursday.
Later the day, Stephen was escorted by ICAC officres to TVB headquarters to conduct further investigations.
According to Hong Kong media, Stephen allegedly controlled the company which accepted production contracts from TVB, then outsourced the work to other production houses.
This allegedly allowed the company to accumulate HK$10mil over the years.
It was also reported that some of TVB's top artists had been forced to perform in major shows and even ribbon-cutting ceremonies for free or at very low pay.
Each time the shell company would allegedly receive payments on their behalf and pocket the difference.
The ICAC is said to have launched the investigation two months ago following complaints.
Chan, 51, often takes centre stage at TVB. The former administrative officer in the Hong Kong government joined the TV station as Controller (Programme) in 1994 and was promoted to the current position 10 years later.
Among his popular programmes, Be My Guest, in which he interviews the celebrities, has earned him household-name beyond the Special Administrative Region.
In a respond, TVB said all the four employees involved had been suspended from duty pending further development.
It said the production of weekly show Be My Guest had been stopped.