The 85-year-old, named in media reports as Sydney resident Chris Baghsarian, was alone in his North Ryde home when he was taken and bundled into dark-coloured SUV on Friday morning.
Police hold grave concerns for grandfather, who needs daily medication, Detective Acting Superintendent Andrew Marks said.
There were signs of forced entry at the home, with neighbours alerting police about 5am AEDT after hearing commotion from the home.
Police attended the home before detectives attached to the NSW Robbery and Serious Crime Squad were called in.
"They took Mr Baghsarian whilst he was at home, in his bedroom of his family home, and they took him and bundled him into a car and took him away to a location that we do not know," Det Supt Marks said told reporters on Saturday.
"Police consider that Mr Baghsarian was not the intended target ...You have the wrong person."
Three people are believed to be involved in the kidnapping, with Det Supt confirming a burnt-out vehicle matching the description of the SUV involved found nearby.
There are concerns for the beloved grandfather, who had been home alone, might be in need of medication and/or medical treatment.
His family, who were not involved in any criminal activity, were concerned and shocked by his kidnapping, Det Supt Marks said.
"They're quite surprised that this has happened and what they want is the safe return of their father," he said.
"Please release Mr Baghsarian. Take him to a hospital. Take him to somewhere that's safe, and we'll do the rest."
Anyone with information about the 85-year-old's whereabouts, who was last seen wearing a blue and maroon flannelette shirt and grey tracksuit pants, is urged to come forward or contact Crime Stoppers.
23°C