The company, based on Theparak Road, reportedly charged workers Bt19,600 each with the promise of a job in Thailand.
However, more than 300 victims reported that they had lost their deposits and could not contact the woman who had brought them to Thailand.
Police investigators found the company was owned by a 45-year-old woman known as Wassana, who provided work permits for migrant workers.
She was arrested and slapped with fraud charges, which she initially denied saying the money did not come to her.
Police are collecting evidence and contacting witnesses to dig into the operation further.