Anurag Tiwari (40), Rohit Gharat (29) and Rajendra Yadav (35) had floated a scheme where they offered to rent private cars for the use of a five-star hotel.
In reality, the cars were used by the accused for their own purposes, said the additional commissioner of police Makrand Ranade.
The accused told the car owners that they can earn as much as Rs 1.5 lakh a month, and took a deposit of Rs 15,000 from each of them.
The police recovered 41 cars from the accused's possession. Further probe is on.
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