Police on Crete early yesterday found the charred remains of a 50-year-old local businessman who had been abducted near his home in Iraklion on Monday and was subsequently killed despite the payment of a ransom by his family.

The body of Yiannis Kypriotakis, who owned a paint factory, was found in the trunk of his burnt car in a remote spot near Iraklion. His arms and legs had been bound, according to police, who said it was unclear whether he had been burned alive. One police source said the 50-year-old might have been killed after recognizing his kidnappers.

Kypriotakis went missing on Monday after going on a work call. The kidnappers then contacted his wife, seeking a ransom of 300,000 euros. The sum of 150,000 euros was agreed upon, police said, and the cash was dropped off as arranged. At around the same time, officers were alerted to a burning car in a different location and found the body.