Aparecida Schunk , 67, the mother of Ecclestone’s Brazilian wife Fabiana Flosi, was snatched from her home in São Paulo on 22 July, by robbers who posed as delivery men.
Last night, the anti-kidnapping division of the Sao Paulo police stormed the building where she was being held and found her tied up.
Schunck was found tied up but unharmed during the raid in Sao Paulo.
No shots were fired as three police cars swooped on the hold-up and arrested two men. They were named as Vitor Oliveira Amorim and Davi Vicente Azevedo.
Police tracked them down by monitoring Whatsapp messages – while it is believed they were finally located after using Schunk’s credit card.
The pair wanted £28 million delivered in cash in four separate bags to guarantee her safety.
None of the ransom has been paid and two suspected kidnappers have been arrested.