The would-be travellers said they believed they had paid for cheap holidays in Japan, but found that no plane had been chartered to take them there when they got to Suvarnabhumi airport on Tuesday night.
Police arrested Pasist Arinchayalapis, the head of a company that sells food supplements, in the southern province of Ranong on Wednesday, broadcaster Thai PBS and other media said.
Pasist was brought to Bangkok on Thursday for further questioning. She told reporters she had done nothing wrong.
"I have never told them that this is a tour. I was not selling cheap tours or offering free tours," she said.
Police continued to gather evidence from the passengers who had been stranded, the media said.