Formula 1 chief’s mother-in-law released in Brazil

She said there had been a major police operation to rescue the victim, and that two suspects had been arrested.

Ecclestone married Schunck’s daughter, Fabiana Flosi, back in 2012. None of the $36.5 million ransom demanded was paid.

Police in Brazil, however, have not commented on the story or confirmed the reports of the record-breaking ransom demand.

The other two suspects, men ages 23 and 19, were arrested Sunday on kidnapping charges.

Brazilian global star Robinho’ mother was kidnapped in 2004 and was held for 41 days in the outskirts of Sao Paulo.

Ms Schunck was freed after being traced to a house near Sao Paulo after investigators monitored phone calls between the kidnappers and her family, police say.

The anti-kidnapping division of the Sao Paulo police reportedly stormed the building where she was being held at around 6.40 pm (local time) today, according to The Mirror.

The kidnapped mother-in-law of one of the world’s wealthiest men has been safely found in Brazil, not far from where the Rio Olympics are set to commence later this month. The couple live in England.

Forbes magazine estimates Ecclestone and his family are worth $3.1 billion.

The incident comes on the eve of the Olympic Games in Rio de Janeiro. Up to a decade ago, several people would be seized each day in the country, often for sums of just a few hundred dollars.

But a dedicated police task force has reduced the crime drastically the last 15 years.