The firm employed Zambians who believed they were to be call-centre agents.
Among equipment seized were devices allowing callers to disguise their location and thousands of Sim cards.
Golden Top Support Services, the company at the centre of the raid, has not commented on the allegations.
The swoop on its premises, located in Roma, an upmarket suburb of the capital, Lusaka, was led by the Drug Enforcement Commission (DEC) and also involved the police, the immigration department and anti-terrorism unit.
It came after months of intelligence gathering by the agencies following an alarming rise in internet fraud cases in Zambia, DEC director general Nason Banda said after Tuesday's raid.
