Sahil Joglekar, from Colaba in Mumbai and working as an engineer abroad, and the woman, from Ambernath township in Thane, were in love with each other.
The couple recently got engaged and their wedding was scheduled to be held on December 16 for which the invites were sent to their relatives and friends, Shivaji Nagar police station's senior inspector Vishwas Valvi said.
However, after the engagement, Sahil and his parents - Rajendra (50) and Pallavi (48) - allegedly demanded Rs five crore from the woman's family.
On Tuesday, the woman's brother lodged a police complaint against Sahil and his parents, following which the three were arrested the same night, he said.
The trio have been booked under sections 417, 420 (cheating) and 500 (defamation) read with 34 (acts done by several persons in furtherance of common intention) of the IPC and also section 4 of the Dowry Prohibition Act, he said.
The three accused were yesterday produced before a local magistrate who granted them bail, police added.
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