According to Greek media reports, several police officers thought to have had links to Golden Dawn were suspended ahead of the operation to prevent them potentially tipping off the targets.
Police also arrested one of their own colleagues who was reportedly working as a bodyguard for the party, during a raid on its offices in the western town of Agrinio a week ago.
After the raid on Mr Michaloliakos's home, police said they had found three pistols, ammunition and thousands of euros in cash.
The crackdown has was sparked by outrage at the murder of rapper Pavlos Fyssas, 34, whose stage name was Killah P.
George Roupakias, 45, who said he was a supporter of Golden Dawn, was arrested in connection with the killing.
On Friday, Golden Dawn - which won nearly 7% of the vote in 2012 elections - threatened to pull its 18 MPs out of the 300-strong parliament.
The governing coalition headed by Prime Minister Antonis Samaras, which has 155 seats, would then face by-elections.
Speaking on a visit to the US on Monday, Mr Samaras vowed to eradicate the "shame of neo-Nazism".
In recent months, Golden Dawn has been accused of perpetrating attacks on migrants and political opponents.
Golden Dawn officially denies being a neo-Nazi movement, though its badge resembles a swastika, and some senior members have praised Adolf Hitler.
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