The arrested have been identified as Mohammad Kasim (24), Badre Alam (22) and Raja Hasan Kadri (20).
They were apprehended from from near Filmistan Cinema in central Delhi when they came to allegedly collect the ransom amount.
"All of them wanted to become rich overnight and had dreamt of leading a lavish lifestyle with the ransom money," Devesh Chandra Srivastava, Additional Commissioner of Police (Central), said.
Kasim was known to the victim's family as he was a former employee of his uncle. Kasim's father is a 'Moulvi' at a mosque in east Delhi's Pandav Nagar.