The kidnapped mother-in-law of Formula 1 commercial chief Bernie Ecclestone was rescued by Brazilian Police on Sunday.

According to Veja magazine, which first reported the kidnap last week, Aparecida Schunck was found in Cotia, a nearby town to Sao Paulo.

Two suspects were arrested, and no ransom payment had been made.

67-year-old Schunck – the mother of Fabiana Flosi, who married Ecclestone in 2012 – was kidnapped from her house in the Sao Paulo neighborhood of Interlagos area on June 22.

The kidnappers had been asking for R$120 million – approximately US$36.5m – which would have made it the largest ransom sum in Brazilian history.

They demanded it was divided into four bags and paid in Pounds Sterling, but Police tracked down where Schunck was being held captive and completed the rescue.

Elisabete Sato of the Sao Paulo police told the BBC that there was a major police operation to free the victim, and that the victim was not injured.


Gallery: Two arrested as Police rescue Ecclestone's mother-in-law