The three accused are part of a gang of 8-10 members, police claimed.
With the arrests, police claimed to have solved around 20 cases registered in various parts of the city.
The accused would rent house in upscale localities that are usually given positive ratings for disbursal of loan by banks, said Ravindra Yadav, Joint Commissioner of Police (Crime).
"They would rent houses or flats preferably in which owners did not reside. Using the address, they would procure PAN card, voter card, Aadhaar card and open bank accounts. Then, they used to approach nationalised banks for car loans," said the officer.
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"The accused even offered commission to loan managers and verification staff, who used to visit their rented premises. They even managed to ensure that some women or children were present at the rented premises when verification was to be conducted by the bank officials to give the impression that they were genuine customers," said Yadav.
After they got delivery of cars, they would sale these on 40 per cent of the value within a week and disappeared from the area.
"They had procured luxurious cars and SUVs of companies like Mahindra, Maruti Suzuki, Ford, Hyundai, Honda, etc. They usually left no evidence except their photographs and signatures on application forms," he said.
Acting on a tip-off that the trio were coming to Munak Nahar Bridge, Sector-18, Rohini on February 9 to sell off a vehicle, a trap was laid and Manoj Makhija alias Gagan alias Harish Gera (33), Amit Makhija alias Mohit alias Ravi alias Dev Sharma (31) and Gaurav Kapoor alias Pankaj Arora (28) were arrested.
A Tata Zest car without a number plate was seized from them.