Frenchman Valcke was formally dismissed as FIFA secretary general in January and last month was banned from all football-related activity for 12 years and fined $135,201 by FIFA's ethics committee.
Valcke, once former president Sepp Blatter's right-hand man, was banned over misconduct offences including involvement in a FIFA World Cup tickets scandal, television rights sales and using a private jet for personal reasons.
Valcke negotiated to sell FIFA World Cup television rights to the Caribbean for below their true value, and attempted to destroy evidence, according to FIFA's ethics committee, and it is these offences which resulted in searches and interviews by the office of the attorney general of Switzerland on Thursday.
A statement read: "As part of the ongoing series of cases relating to FIFA, the office of the attorney general of Switzerland (OAG) is conducting criminal proceedings against the former FIFA secretary general Jerome Valcke on suspicion of various acts of criminal mismanagement (Art. 158 Swiss criminal code) and other offences.
"The OAG opened the proceedings in response to two criminal complaints in which allegations were made against Jerome Valcke in connection with the matters investigated by the FIFA ethics committee.
"The OAG began investigations in this connection and conducted searches and interviews on March 17, 2016 - no arrest has been made. The presumption of innocence applies."