Video clips of 182 women in compromising position have also been recovered from the suspects, a police officer said.
The accused were presented before a city court, which remanded them in police custody till February 6.
The tapes were allegedly recorded by the scions of the two business families over a period of seven years.
According to the police, Anish Loharuka's family owns several hotels, while Aditya Aggarwal's family runs a popular ethnic wear chain.
The two would strike up friendship with women, get intimate and develop physical relationship, and record photos and videos of intimate moments. The suspects would then come out of the relationship.
The third arrested person, Kailash Yadav, was employed as a cook of one of the two business family members and played the role of the extorter directly by calling up the victims and forcing them to pay money after threatening them that their videos would be leaked on the social media.
The police started looking into the case after receiving a complaint of cyber crime in November from a woman. Yadav was nabbed earlier this month for allegedly making telephone calls to blackmail her.
Based on his statement during questioning, Loharuka and Aggarwal were taken into custody.
( With inputs from IANS )