FBI agents and local police raided a Washington club and the Montgomery County homes of its two owners yesterday in connection with an ongoing investigation of fencing operations in the area.

There were no arrests in the noon raids at the Butterfly Club, which occupies a three-story building at 823-827 14th St. NW, nor at the residences of its owners, Abraham Zaiderman of 12316 Overpond Way, Potomac, and his brother, Dr. Isidore Zaiderman of 12319 Overpond Way, Potomac, an FBI spokesman said.

Teams from the Washington and Montgomery County police departments participated in the simultaneous raids.

The Butterfly Club includes a first-floor bar, a second-floor sales office where, signs say, gold, silver, cameras and stereos are "bought, sold and appraised," and a third-floor massage parlor.

Dozens of boxes of evidence were removed from the 14th Street building, but an FBI spokesman said agents would not begin compiling lists of what was seized until today.

"Monarch" was the code name for the 14-month investigation of activities at the club. FBI officials said the investigation was an outgrowth of last year's "Operation Greenthumb," which revealed what police called the largest fencing operations of gold and silver in the area.