The gang, which includes female members, had trapped the pilot through a popular online dating site.
The arrested persons, posing as Crime Branch cops, had extorted Rs 9.7 lakh from him in instalments by threatening to frame him in a rape case.
The victim lodged a complaint with Maurya Enclave police station in north west Delhi on March 14 this year, after the trio demanded an additional sum of Rs 2 lakh from him.
Later, his associates Sunder Lal and Jitender, also an ex-home guard, were arrested from the same area, police said.
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The pilot had complained that he had befriended a girl with user ID Siya through the dating site. He said he met the girl in Rohini on October 24 last year.
The girl took him to her home while picking up another girl on the way. As he reached her home in A-I Block of Buddh Vihar, she went upstairs leaving behind the other girl, he said.
During interrogation, the accused claimed to have extorted money from over 100 victims they trapped using girls, since 2014.