One individual was also arrested, officers say.
This was part of Operation Henhouse, a National Economic Crime Centre initiative.
It provides funding for police to undertake additional operational activity against fraudsters.
Gloucestershire Police made 15 other arrests and froze £400,000 of suspected criminal assets as part of the scheme.
Searches also took place in Cheltenham, Tewkesbury, Bourton-on-the-Water and Dursley.
A spokesperson from Gloucestershire Police’s economic crime team said: “Criminals target the most vulnerable people in our communities and the impact on them is often financially and emotionally devastating.
“We are committed to catching fraudsters and welcome this opportunity to send a clear message to offenders that we will work tirelessly to bring them to justice.”
Fraud is the most prevalent crime in the UK, causing victims long-lasting emotional and psychological harm as well as financial loss.
It accounts for approximately 41 per cent of all crime reports, and costs an estimated £6.8bn each year in England and Wales alone.