The trio, identified as Irfan Ansari (32), Jafar Abbas Hasmullah Shaikh (22) and Arshad Sayyed Ali (19), had allegedly cheated a resident of suburban Worli of Rs 3.5 lakh in name of bogus lottery prize, they said.
Police have recovered 214 debit cards and 42 Pakistani mobile sim cards from the trio who were brought to Mumbai.
The accused are part of a major racket that cheat people by making them deposit money after claiming that they have won a lottery, police said.
When the victim deposited the amount, the accused withdrew it through various ATMs. The trio used to contact the victim by using international SIM card, police said, adding, the accused were booked under various sections of IPC and remanded in police custody till June 15.