The seized booty was worth Rs 17 lakh in total, said police commissioner S Jagannathan.
The arrested men were identified as Sanjay alias Santosh Rajbar from Uttar Pradesh, Raju Swami from Chennai and Nandu Borade, a Deolali-based jeweler.
Another accused, Ganesh Bhandare, was absconding.
The three men were arrested on Wednesday and the court remanded them in police custody till June 28.
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