The trio allegedly cheated people to the tune of over Rs one crore by promising jobs in HAL, located at Sunabeda in Koraput district.
The arrested officials have been identified as Saheb Singh (manager), Gangadhar Tarai and Suresh Kumar Nayak, the police said.
According to the police, the accused officials had collected money ranging between Rs 10 lakh to Rs 20 lakh from several unemployed engineering students holding degree and diploma by promising jobs in the HAL.
"The trio had collected a total of Rs 1,02,50,000 from nine persons," said Jogeswari Behera, IIC Sunabeda police station.
During interrogation, the officials admitted of cheating the youths on false promises of providing jobs in HAL, he said, adding that "The arrested trio will be forwarded to court.