ATHENS, January 20 (RIA Novosti) - A Greek shipping tycoon who was kidnapped last week has been released after a 30 million-euro ($40 million) ransom was paid, local media said on Tuesday, citing police.

Pericles Panagopoulos, 74, was abducted on January 12 and released on Monday night. The businessman was found by police at Aspropyrgos, to the west of Athens, and was taken to a hospital.

The tycoon's wife had left the ransom for the unidentified kidnappers in Boeotia, to the northwest of the Greek capital.

Police suspect the kidnapping was the work of an organized crime group. Panagopoulos, who suffers from diabetes, had been given insulin and other medicine by his captors. Officers are checking local drug stores as part of attempts to find the criminals.

Panagopoulos was the founder of the country's largest ferry company, Attica Group. He sold the company in 2007 for 300 million euros.