The suspects were picked up last Wednesday in Akwa, Anambra, following intelligence reports.
The spokesperson for the Lagos State Police command, SP Dolapo Badmos, confirmed this on Monday in a statement.
The statement said that the suspects were arrested by operatives of the Rapid Response Squad (RRS).
Those arrested, according to the statement, included a 28-year-old, a 27-year-old and a 33-year-old.
The statement said that they were picked up last Wednesday in Akwa, Anambra, following intelligence reports.
It said the suspects had swindled a property dealer in Lagos State of about N4 million while posing as potential clients to perpetrate their crime
The statement said their arrest came less than a month after the RRS burst another syndicate of fraudsters who operated on the internet.
”The suspects are part of internet fraudsters that specialise in hacking into e – mail addresses and using them to send messages seeking transfer of funds in tranches to different accounts.
”Unlike the present gang, the other gang comprising of four young men were arrested in Onitsha for hacking into the e – mail account of the CEO of a popular loto company based in Lagos.
”They fraudulently transferred N5 million into four separate accounts.
”The Lagos-based estate agent claimed he received an e-mail giving payment instructions.
”The owner of the e-mail address is his client.
“It gave payment instructions to transfer funds in his custody to an account belonging to one Emmanuel Ajinubi with First bank Account No. 3046974892.
”The first transfer of N800,000 was Oct. 24 , 2016. On 27 Oct., 2016, there was another instruction to transfer N530,000 to the same account.
”On Nov. 1, 2016, he transferred N720, 000 into Ifenancho Kingsley (a suspect) First Bank account 3050290672 and further instruction the following day of N850,000 to same account.
”The total amount transferred into the two accounts was N3, 820,000,” it said.
The statement said the victim only realised that the payment instructions did not emanate from his client after he got a phone call from him.
It said efforts were ongoing to arrest other members of the gangs who were directly involved in the hacking into some corporate and individuals’ e-mail addresses.
"The three suspects have been transferred to SCID Panti for further investigations,” it added.