Chandra Bhan, Rajeev Sharma and Vinod Sharma were apprehended on Saturday, ACP (South-East) Ajay Chaudhry said.
Two victims of the alleged cheats had got together and had been pressurising Bhan to return the money he had allegedly taken from them on the pretext of providing admission in a medical college and a job in Railways.
"Bhan tried to hoodwink the victims. He over telephone asked his brothers to take the money. They had stuffed bundles of white papers sandwiched in two currency notes of Rs 500 each. Total eight bundles were given to victims.
"However, the alert victims immediately checked and found that they were again being cheated. With the help of beat police, who were nearby, they apprehended him," Chaudhry said.