Strathclyde Police searched Seventh Heaven in the Charing Cross area of the city and a house in Newton Mearns, East Renfrewshire, under the Proceeds of Crime Act.
A 55-year-old man and a 47-year-old female were detained under Proceeds of Crime Legislation.
Police said more than £10,000 cash and valuable items including art and jewellery have been seized. A report will be forwarded to the procurator fiscal.
The premises where Seventh Heaven is located were originally opened as a nightclub by ex-Celtic defender Stephane Mahe in 2002 before going bust.
Since opening in April 2003 it has been owned and run by Glasgow-based Kell Scotland Ltd, founded by Isabella Peterkin.
Her husband, William Edward Peterkin, is its sole shareholder and the firm has HQ in the city's Cadogan Street.
The couple took Glasgow City Licensing Board to court in after the club's license was revoked in 2009 after a complaint over a flyer which showed a dancer in skimpy clothing.
A Sheriff threw out the case in 2010, saying there was no more flesh on display than in an average "evening dress".