The arrested students had kidnapped the minor boy identified as 'Krishna' yesterday from the Betma police station area by luring him with a chocolate and later took him away in a car to Indore, Deputy Inspector General of Police (DIG) Rakesh Gupta told reporters.
After kidnapping the boy, they demanded a ransom of Rs 11 lakh from his father, Ram Lalit Prasad, by making a phone call, but later reduced the amount to Rs 5 lakh.
Acting on leads by monitoring phone calls, the police first nabbed Dhiraj Rajak alias Kallu (25) and later arrested Sohit Chourasia (22) as well as Nitish Kumar Choudhary (20), the DIG said.
Both Sohit and Nitish are students of a private management college where they have been pursuing BBA course, the police said, adding that because of their "lifestyle", they had to repay a huge debt, which motivated them to take to crime.
Another accused, Mohit, who is also involved in the case is absconding, the police said.