Rana Jameel Hasan was going to Islamabad along with his wife when unidentified gunmen intercepted his car and abducted him near Pindi Bhattian, some 150 km from Lahore, police said.
The kidnappers blindfolded the couple and took them away to a deserted area. They freed Hasan's wife with a message to arrange Rs 5 crore ransom.
They threatened Hasan's wife with serious consequences in case the payment is not made in two days' time.
Taking notice of the incident, Punjab Chief Minister Shahbaz Sharif has asked the Inspector-General to take measures for safe recovery of the Punjab Assembly member.
Crime Investigation Agency Superintendent Police Umer Virk told PTI that police were investigating all aspects of the case. "We are also not ruling out the involvement of the TTP (Tehreek-i-Taliban Pakistan) in the kidnapping of Hasan," he said.
In another incident, the TTP allegedly kidnapped an ISI official from Lahore Defence area and demanded Rs 20 crore from his family.
Gul Sherwan told police that the Taliban had abducted his son Zaman from Lahore. The kidnappers warned the family to arrange the ransom or be prepared to receive his body.
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