Karan Mahajan, son of a share broker, was traced to a servant quarter of a private school in Raj Nagar colony area today by the Sihani Gate police, SP Ajay Pal Sharma said.
A shootout ensued, following which one of the kidnappers, Sandeep was injured, he said.
The trio, Deepak, Bitoo and Sandeep have been arrested, police said.
Sharma said that the child was kidnapped on November 29 from a play ground by the trio, adding that the accused had reportedly befriended the boy and played cricket with him several times, before executing their plan to kidnap him.
The boy's mother received a call today from Karan's mobile number, he said, adding that the kidnappers demanded a ransom of Rs 2 crore for his release.
The boy was found after tracing the call and making local enquiries, police added.