By alley - Jul 29, 2016, 3:01 PM ET

F1: Ecclestone mother-in-law kidnapping update

Police believe the kidnapping last Friday of the mother-in-law of Formula 1 chief executive Bernie Ecclestone was committed by a criminal gang with a European mastermind, according to reports in the British media.

Aparecida Schunck, 67, the mother of Ecclestone's third wife Fabiana Flosi (pictured, wth Ecclestone),

was taken in the Interlagos neighborhood last week

. Her captors are demanding 120 million reals ($36.7m) for her return, a sum that is claimed to be the highest in Brazilian history. Ecclestone's estimated worth is $3 billion.

Police believe the kidnapping was carried out by a criminal gang based in Europe, and that it had evidently been planned for months.

A source close to the investigation told the UK's Daily Mirror: "Very few people in Sao Paulo knew who Ms. Schnck is related to. Police believe someone from outside Brazil masterminded the elaborate abduction after finding out she is Mr. Ecclestone's mother-in-law.

"Officers have information indicating the architect of recent kidnappings which targeted high-worth individuals was led by a criminal from Europe. It is a line of investigation the police are actively pursuing."

Click here for the full report by the Daily Mirror.

Presented by: