The arrested have been identified as Rishi Raj Singh (33), Pankaj Sharma (43) and Praveen Kumar.
Police have also recovered the extorted gold worth Rs 4.5 lakh and 50,000 Japanese Yen from the trio.
"On Sunday, an information from the Embassy of Japan was received that one of their Japanese nationals has been kidnapped by someone in the garb of business deal, who had extorted money from him by purchasing gold items by using his credit card," said a senior police official.