Police identified the three arrested persons as Vijay Barate (40), Jeevan Mukadam (25) and Dinesh More (26) of the RN Sports Club.
The arrests were made on the basis of a complaint filed by a 35 year old cricket coach who approached Chembur police yesterday stating that he and his players were cheated by the accused between August 2013 to December 2014.
They also told him that his players could get a chance to play in East Africa Premier League and Ranji Trophy too, the complainant said.
The accused contacted the complainant through email and also used Hyderabad Sunrisers team logo on the sports club's letter-head to convince the complainant that they were connected to the team, he said.
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Police said that the accused collected Rs 68.07 lakhs from the players and the coach to facilitate their selection.
Police based on the complaint registered a case under sections pertaining to cheating under the Indian Penal Code as well as sections of the Information Technology Act.
The accused were produced before court which sent them to police custody till December 4.