The officers were identified as Inspector Taiwo Kolawole, Inspector John Ogbe, and Cpl Idowu Sunday, all attached to the Ijebu-Ife division.
One civilian, Adesiyan Mathew, involved is said to be the driver.
The suspects were paraded alongside 27 other suspected kidnappers, armed robbers, and cultists at the state headquarters in Eleweran, Abeokuta on Tuesday.
The state police commissioner, Abiodun Alamutu during the parade noted that the three police officers and a civilian were arrested following a report by one Kashimao Emmanuel, a student at Tai Solarin University of Education (TASUED), Ijagun, Ijebu-Ode.
He explained that the complainant reported that while he was driving a Toyota Venza, four armed men accosted him.
He said one of them wore a round-neck police outfit while the others were in mufti.
Alamutu said, “In the process, one of them fired a shot into the air and that was when he complied.
“They entered his car and took him away towards Sagamu expressway. On getting to Ososa, they made a U-turn to Ijebu-Ode, where a sum of N300,000 was forcefully transferred from his account to Opay account number 9097829766.”
He said that during an investigation into the incident, two other complainants who were victims at various times identified the suspects as their assailants.
Alamutu said the policemen had gone through an orderly room and had been subsequently dismissed.
“They will be charged to court soonest,” he said.
The police boss said six rifles, 10 rounds of live ammunition, one AK-47 rifle with six rounds of ammunition and a Toyota Camry were recovered from the suspects.