Princes, ministers and a billionaire business tycoon were among dozens of high-profile figures arrested or sacked at the weekend, as Crown Prince Mohammed bin Salman consolidates power.
The purge comes amid heightened regional tensions, with Saudi Arabia and Iran facing off over a missile attack from Yemen and a political crisis in Lebanon after prime minister Saad Hariri's shock resignation announced from Riyadh.
"A total of 208 individuals have been called in for questioning so far... Seven have been released without charge," the Saudi information ministry said in a statement, quoting attorney general Sheikh Saud al-Mojeb.
"The potential scale of corrupt practices which have been uncovered is very large," the statement said.
Also Read
"Based on our investigations over the past three years, we estimate that at least USD $100 billion has been misused through systematic corruption and embezzlement over several decades."
High-profile figures, including billionaire tycoon Prince Al-Waleed bin Talal, were arrested or sacked in the crackdown -- just after an anti-graft commission headed by the crown prince was established.
With the purge, which analysts describe as a bold but risky power play, the crown prince has centralised power to a degree that is unprecedented in recent Saudi history.
The crackdown comes as he moves to accelerate his Vision 2030 programme to modernise the conservative kingdom, but also as Riyadh takes a more aggressive stance in its wider region.
In the wake of a failed missile attack against Riyadh airport on Saturday, which was claimed by Iran-backed Huthi rebels in Yemen, the kingdom has accused Tehran of "direct aggression".
The tensions appear to be playing out in Beirut, the latest front line of the power struggle between Saudi Arabia and Iran.
On Saturday, Hariri cited Iran's "grip" on Lebanon and threats to his life when he announced his resignation in a televised speech from Riyadh, precipitating a new political crisis in Beirut.
Saudi Arabia on Thursday urged its citizens to leave Lebanon "as soon as possible" and also called on them not to travel to the country, without specifying any threat.
The regional tensions could escalate the proxy conflict between Riyadh and Tehran, which back opposing sides in wars and power struggles from Yemen to Syria.
Disclaimer: No Business Standard Journalist was involved in creation of this content