The idols were allegedly stolen from temples in Tamil Nadu.
Three men, including a doctor, were arrested with several antique idols which they were about to be illegally export abroad using fake Archaeological Survey of India certificates in Chennai on Thursday.
Department of Revenue intelligence (DRI) investigators say that based on specific intelligence, the state police arrested one Balaji and Srikanth Omkaram and searched their homes from where they recovered idols, artefacts and statues of Buddha and Mahavir among others that were allegedly stolen from temples.
DRI officials also arrested Mumbai-based Udit Jain, believed to be the middleman who arranged for the registration of the antiques in New Delhi.
Authorities have not yet been able to assess the value and age of the recovered idols.
The statement from the DRI also says the trio had close links with one Deenadayalan, an alleged idol smuggler who was arrested by the Tamil Nadu police in June. Police had recovered around 500 antique idols from Deendayalan's Chennai residence.