"We have detained Sudipto Sen and Debjani Mukherjee, chairman-cum-managing director and a director of the Saradha group respectively, and Arvind from Sonamarg," IGP (Jammu and Kashmir) Abdul Gani Mir said.
The three had admitted that they were the same persons wanted by the West Bengal Police, he said.
A police team from West Bengal was on its way to Kashmir to confirm the identity of the three, the IGP said.
The three detained persons had been lodged in Ganderbal Police Lines, SP (Ganderbal) Shahid Mehraj said.
A Scorpio vehicle with a West Bengal numberplate had also been seized, Kumar said.