The Patiala House Court on Saturday acquitted the trio of Sreesanth, Ajit Chandila and Ankeet Chavan in the 2013 IPL spot-fixing case.
Besides the 16 arrested, 20 others including the three Rajasthan Royals were also discharged in the case. The players were granted bail due to lack of evidence.
Reports suggest that there were loud cheers of joy from the accused and their supporters inside the court.
They had banned from all forms of cricket by the BCCI since allegations of their involvement in IPL 2013 first emerged.
Sreesanth, who played 27 Tests for India, was alleged to have been paid tens of thousands of dollars after agreeing to deliberately bowl badly in an IPL match.
Delhi police also alleged at the time of their arrest that his teammates agreed to similar deals in two other IPL matches.