Italy defender Domenico Criscito has also withdrawn from the country's Euro 2012 squad after becoming the subject of investigation.
Criscito - who currently plays for Zenit St Petersburg in Russia but has represented Juventus and Genoa in the past - had his room searched at Italy's Coverciano training camp after police arrived at 6.40am on Monday morning.
Italian federation vice-president Demetrio Albertini has now confirmed that the defender will not travel to the finals in Poland and Ukraine as he wants to "clear his position with prosecutors."
A police statement said five people had been arrested in Hungary on suspicion of being part of an illegal international betting ring headed by Singaporean gambling identity Tan Seet Eng, who was arrested in December.
Police in the northern city of Cremona said they had made 19 arrests and were investigating Conte, fresh from his triumph in leading Juventus to the Italian Serie A championship for the first time since the club was relegated in 2006 in an earlier match-fixing scandal.
It said searches were conducted at the homes of a number of players, trainers and administrators of clubs in Serie A, Serie B and the lower division Lega Pro on suspicion of involvement in match-fixing on behalf of international criminal organizations.
Monday's operation was part of "Last Bet", a wider investigation into match-fixing in Italian soccer which has already seen a number of arrests of current and former Italian players.
"In this part of the investigation, indications have emerged of manipulation in matches from the 2010-11 Serie A championship, including games between Lazio and Genoa and Lecce and Lazio," Raffale Grassi, director of SCO, the police service responsible for the investigation told SkyTG24 television.
In June last year, the Interior Ministry set up a special match-fixing task force in response to a number of high profile cases.
Former Atalanta captain and Italy midfielder Cristiano Doni, was banned for three-and-a-half years in August for his part in the 'Calcioscommesse' match-fixing scandal involving Serie B matches last season.
Atalanta, promoted from Serie B, were deducted six points in the top flight this season as a result of the scandal.
Former Lazio and Italy striker Giuseppe Signori was banned for five years and 15 other players were banned for between one and five years for their part in the same scandal.
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