Police in Brazil have confirmed reports of the kidnap of 67-year-old Aparecida Schunck at her home in São Paulo on Friday.

Schunck is the mother-in-law of 85-year-old Bernie Ecclestone, the billionaire boss of the Formula One Group, the entity which manages most of the commercial aspects of Formula One.

Her daughter, 38-year-old Fabiana Flosi, married Ecclestone in 2012.

It was reported on Tuesday that the ransom for Schunck’s release is 120 million Brazilian Reals (approximately $36.5 million).

Neighbors told The Mirror that the kidnappers pretended to be delivery men to get past security at Schunck’s home. They then allegedly forced Schunck at knifepoint into her own car and drove off.

Specialists working at an anti-kidnap unit are currently in negotiations with the kidnappers.

This is the second time someone has tried to extract a ransom for a family member of Ecclestone.  In 2012, a man by the name of Martin Peckham made up the threat of a kidnap plot against Ecclestone’s daughter Tamara in an attempt to extort cash. However, he was eventually caught by police and jailed for five years.