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Harvansi Singh alias Sonu, Gurnam and Saddam Hussain were arrested from Bharpara Khujaria village on Thursday following a tip-off, they said.
The trio was in possession of FICN of Rs 27 lakh, which has been seized, police said.
Deputy Inspector General of Police, Bareilly, Akhilesh Chaurasia said during interrogation it was found that the accused had links in Nepal, Delhi, Uttarakhand and West Bengal.
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The gang used to provided Rs 3 lakh FICN in exchange of Rs 1 lakh real notes, police said.
A detailed probe is on in the matter, they said.