Detectives launched a major probe after members of the public received letters advising them they had won large sum of money in the Commonwealth of Nations Online Lottery.
The letters bear the logos of Glasgow 2014 and the National Lottery and ask recipients to send their bank details so that "winnings" can be transferred.
Police Scotland said a number of people had lost significant amounts of money in the scam.
Detectives carried out searches in premises in the Glasgow area as part of a UK-wide investigation.
A 55-year-old man has now been reported to the procurator-fiscal. Detectives believe a number of people are involved in the scam and are warning the public to stay vigilant.
In October, police issued a warning after a number of people were targeted by the scam. Some of the hoax letters included the signature of the lottery's "vice-president" Gordon Taylor.
Detective Inspector Kenny Thomson, of Police Scotland's Economic Crime Unit, said: "This is an ongoing investigation and we are working with other police forces in the UK.
"It is important, however, for the public to understand there is no Commonwealth Games Lottery, and you should never provide your bank details or send money in response to a company or organisation you have never heard of before."
"A 55-year-old man will be reported to the procurator-fiscal in connection with this.
"Investigations into this lottery scam are continuing, with Police Scotland committed to delivering a safe, secure and peaceful Games. If any member of the public has received this kind of letter, or sent money in relation to this they should contact their local police office."