The victim of the kidnapping, a man in his sixties, has been taken to hospital to be treated for injuries. He is reported to be in a serious but stable condition.
Early on Wednesday morning, the man was taken by force from his home in Gothenburg’s Hisingen district.
He was later found in his car in a wooded area in another part of the city.
Police visited a number of addresses late on Wednesday night and in the early hours of Thursday morning.
The three men arrested in connection with the kidnapping did not offer any resistance, according to police. One of the men is also suspected of harbouring a known criminal.
The other men called in for questioning were later released and cleared of any involvement.
“We cannot rule out further arrests,” said police spokeswoman Mona Nordberg.
The man’s disappearance was first detected after an employee at his company reacted to the fact that he had not turned up for work.
Having tried in vain to reach him by telephone, the employee called the police. A patrol was set to the man’s home in Hisingen.
“We could see that the man had fallen victim to a serious crime,” said police spokesman Thomas Fuxborg.
A few hours later he was found in his car in a wooded area. An ambulance was called to take him to hospital.
“His condition is still serious but stable,” said Mona Nordberg.
She would not reveal the nature of his injuries or where he was being treated.
The only information that police would confirm is that the man is in his sixties, lives in Hisingen and owns his own company.
Police would not comment on a possible motive for the kidnapping or whether the victim had any connection to the three men currently being held.