The Economic and Financial Crimes Commission (EFCC) has arrested Samuel Kayode Melaye, Dennis Baba Wdony and Wycliffe Midala.
According to the anti-graft agency, the trio were arrested for allegedly parading themselves as military officers.
The EFCC also accused them of using the office of the Chief of Defence Staff to defraud unsuspecting members of the public through fake contract awards.
According to the EFCC, investigations showed that the suspects operated a three-man syndicate which advertised fake bids for contracts in the office of the Chief of Defence Staff.
Their arrest followed multiple petitions received by the commission in respect of their fraudulent activities.
In one of the petitions, a victim claimed a loss of N21 million to their antics.
They will be charged to court upon conclusion of investigations.
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