DCP Shrikant Dhivare said the accused were arrested by Upnagar police station.
They were identified as Sukha Bhiram Waghela, Dalaram Devram Rathod and Kannharam Jethaji Solanki.
They first sold some genuine gold beads to the complainant, and later offered more gold, which they said they had 'excavatied', at half the price.
The complainant paid them Rs 1.5 lakh, but later realised it wasn't pure gold.