The 85-year-old, named in media reports as Sydney resident Chris Baghsarian, has been missing from his North Ryde home since Friday morning.
Mr Baghsarian's neighbours have told officers they saw him being taken away shortly after 5am, Detective Acting Superintendent Andrew Marks says.
There were signs of forced entry at the home, while it's understood Mr Baghsarian was bundled into a dark Toyota SUV.
Police attended the premises before detectives attached to the NSW Robbery and Serious Crime Squad were called in.
"Police consider that the man who was reportedly kidnapped may not have been the intended target and are appealing for his safe return," according to a police statement on Saturday afternoon.
"Detectives confirm they remain in ongoing communication with the man's family as inquiries continue.
"As part of the investigation, police have released an image of the man and are seeking information from the public regarding his whereabouts."
There are concerns Mr Baghsarian, who was home alone at the time of the incident, might be in need of medication and/or medical treatment.
Anyone with information about his whereabouts is being urged to come forward or contact Crime Stoppers.
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