The victim was lured into a honey-trap about a week ago and called to an area in Kandhkot, where he was kidnapped and held hostage in the adjacent riverine area, reports Dawn News.
His wife said kidnappers contacted her and demanded Rs1bn ransom for his release.
She told Dawn News that during direct contact, her family had offered Rs20,000 to the caller as this was the total amount she could arrange.
However, the kidnappers reportedly rejected her offer.
The family members have sought the caretaker chief minister and federal authorities to help seek the release of Irfan Masih.