BBC London alleges that more than 500 Slovakians paid £600 deposits to a convicted fraudster who then disappeared.
Olympics minister Tessa Jowell is working with the police to investigate the scam.
It is claimed that Nigel Lewis had advertised for some staff to work in the Olympics Village in a programme.
For a deposit transferred into Mr Lewis's firm UK CruiseLine Ltd, the would-be employees would be given accommodation on a cruise ship in London Docklands and a job on the site of the Games.
However, after 550 Slovakians had handed over their money, Mr Lewis disappeared, it is alleged. Some took out loans to raise the capital needed for the deposit.
Any Slovaks who did come to London found that the UK CruiseLine offices were deserted and the three cruise ships that were supposed to be moored at the King George V dock near Stratford had also gone, the BBC programme states.
The BBC tracked down Mr Lewis working in a Dartford hotel. He told them that no profit had been made from his UK CruiseLine venture.
"I've worked on this project almost 12 months solid and I've got nothing for it, just heartache," he said. He also insisted that he had intended to buy three cruise ships and secure jobs on the Olympic site but that "it just went out of control".
Programme-makers have now handed over their evidence to the police.
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