Police recovered 22 mobile phones, jewellery worth Rs two lakhs and two vehicles from the arrested men.
Ajay Chaudhry, Additional Commissioner of Police (South East Delhi), identified the arrested as Sandeep Narang, jeweller, Narendra Kumar and Manish Kumar, a mobile shop owner who used to purchase stolen phones from his associate.
The gang is suspected to be involved in over 50 snatchings in Delhi.
Police said apart from mobile phones and jewellery, it has also recovered several credit cards, stolen passports, a scooter and a motorcycle which the accused had used in the commission of crimes in posh areas of South East Delhi.
The jeweller used to purchase the jewellery at minimal rates from the snatcher and after melting the yellow metal, he prepared ornaments and sold them to different customers.