F1 boss Bernie Ecclestone's mother-in-law kidnapped
Ecclestone's 67 year-old mother-in-law, Aparecida Schnuck, was reportedly abducted on Friday night from the neighbourhood of Interlagos in the city, according to local Brazilian news agencies.
The Sao Paulo police refused to comment for the safety issues of the victim.
The Ecclestone family also refused to comment on the issue.
Kidnappers want $36.5m for Formula One chief's mother
Bernie Ecclestone's worth
Formula One chief executive Bernie Ecclestone is among the top 20 richest men in the UK with an estimated worth of $3.1 billion.
Kidnappers ask for $36.5 million ransom
The kidnappers, who are in contact with the Ecclestone family, have demanded a ransom of $36.5 million according to latest reports.
They have specified that they want the amount to be paid in British pounds in four separate bags.
This $36.5 million ransom is the largest ever ransom ever demanded in a kidnapping case in Brazil.
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Kidnappings in Brazil
As of 2012, Brazil was among the top five countries in the world for kidnappings, with over 1,000 kidnapping cases that year.
Security concerns about rising crime ahead of Olympics
With the 2016 Rio Olympic Games drawing nearer, criminals are targeting high profile individuals for money, even as Brazilian authorities tighten security.
Reportedly Brazilian Jiu-Jitsu fighter Jason Lee and another New Zealand athlete were pressurized into paying large sums of money to the police in Rio.
Last month, two Australian Paralympic sailors were robbed by two men at gunpoint.