Police are searching two properties connected to Peter Mandelson as part of an investigation into claims that he passed market-sensitive information to Jeffrey Epstein.

A Metropolitan police statement, which did not name Mandelson, said searches were taking place in Camden, north London, and Wiltshire. Mandelson has been living in a rented property in Wiltshire since being sacked as ambassador to the US over his links to the late convicted child sex offender.

Deputy assistant commissioner Hayley Sewart said: “Officers from the Met’s central specialist crime team are in the process of carrying out search warrants at two addresses, one in the Wiltshire area, and another in the Camden area.

“The searches are related to an ongoing investigation into misconduct in public office offences, involving a 72-year-old man. He has not been arrested and enquiries are ongoing.”

The key items detectives are looking at securing are electronic devices, namely phones, computers, USB sticks, as well as anything in writing such as documents.

On Tuesday evening, the force said it had launched an investigation into Mandelson – identifying him only as a 72-year-old former government minister.

Mandelson was sacked as ambassador to the US in September after fresh details emerged of his friendship with Epstein, a relationship that lasted beyond the disgraced financier’s jailing in 2008 for soliciting a minor for prostitution.

But the release this week of masses of new documents about Epstein and his contacts showed the closeness of their ties. They also suggested Mandelson had received money from Epstein between 2003 and 2004, and had leaked market-sensitive information to him when he was business secretary in Gordon Brown’s government in 2009.

The information has prompted fury among many Labour MPs, especially after Keir Starmer admitted in the Commons on Wednesday that he had agreed the appointment despite knowing about Mandelson’s post-prison ties to Epstein.

In response to a Conservative Commons motion, the prime minister agreed to the release of thousands of documents, emails and messages connected to the appointment, which are now being collated.

The revelations have prompted some Labour MPs to call for Starmer to be replaced, and a number of others to demand the removal of his chief of staff, Morgan McSweeney, who is close to Mandelson and is believed to have pushed for the appointment.