The police in Maharashtra's Thane city have arrested three directors of an investment firm for allegedly cheating investors of more than Rs 1 crore, an official said on Tuesday.

The economic offences Wing (EOW) of the crime branch arrested the accused in a case registered against them in Kalyan city under section 420 (cheating) and other relevant provisions of the IPC and Maharashtra Protection of Interest of Depositors (MPID) Act, assistant commissioner of police (EOW) Arvind Wadhankar said.