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The tragedy took place when the trio, part of a ten- member group of students, was taking a swim in the dam, a popular picnic spot on the city’s outskirts, they said.
The police identified the deceased as Sangita Negi, Shubham Sinha and Shiv Kumar, all aged 22.
All were studying MBA at the Bharati Vidyapeeth.
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“On Thursday morning these three ventured into the backwaters for swimming and drowned as could not gauge the depth of the water,” said an officer attached to the Paud police station.
While they were drowning, the other students raised an alarm, he said.
“By the time help could reach them, all three went missing. We have fished out all the three bodies and sent for post-mortem,” said the officer.
He said the college authorities and the families of the deceased have been informed have been informed about the incident.