THG Sports, owned by UK businessman Marcus Evans, is now under investigation as the intermediary in the speculation scheme, according to the media outlet.
"We arrived to a hotel in Barra da Tijuca, in which this company would deliver the tickets to the buyers and would take them to the Maracana [stadium]. There, the police acted," the police officer responsible for the operation said.
Police also reportedly arrested 20 ticket buyers present in the hotel, a well as a man in possession of nearly 800 illegal tickets.
The Summer Olympic Games are being held in Rio de Janeiro from August 5 until August 21.