Detectives launched a major probe after members of the public received letters advising them they had won large sums of money in the Commonwealth of Nations Online Lottery.
The letters included the logos of Glasgow 2014 and the National Lottery and asked recipients to send their bank details so that their 'winnings' could be transferred.
Police Scotland said a number of people had lost "significant" amounts of money in the scam.
Detectives carried out searches yesterday 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.
Police issued a warning in October 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: "We are working with other UK police forces.
"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."
A spokeswoman for Glasgow 2014 said: "This is a matter for Police Scotland and they are best placed for any comment on this."