Aparecida Schunck, the 67-year-old mother of Bernie Ecclestone's wife, Fabiana Flosi, has been kidnapped in Sao Paulo, according to Brazilian magazine Veja.
Ms Schunck, who lives in the Interlagos neighborhood, was apparently abducted last Friday in the Brazilian metropolis.
The criminals have demanded a payment of 120 million reais (which is approximately $36.5 million), an amount which is believed to be the highest ever in the country's history.
Fabiana Flosi is Ecclestone's third wife, the couple met at the Brazilian Grand Prix where Fabiana worked and have been married since 2012.
Kidnapping was relatively commonplace in Brazil until a crackdown by authorities ten years ago reduced the phenomenon drastically.
Brazil, which is in the midst of a harsh economic and political crisis, is hosting the Olympics which are set to open at the end of next week. Security has obviously been ramped up in all major cities but many athletes have expressed their fear and some have indeed refused to travel to Brazil altogether.
Bernie Ecclestone, whose worth is estimated at $3.1 billion by Forbes magazine, was himself made well aware of kidnapping threats when a British dental technician was found guilty of threatening to kidnap the F1 supremo's daughter Tamara and was sentenced to five years in prison.