Police spokesperson Jeanette Backhoff told TimesLIVE that the incident happened on the corner of Bird and Albertina Sisulu roads at around 10am on Saturday.
Backhoff said the businessman, his son and two workers were driving from the man's Newton business premises when they were stopped by four armed men on the corner of Princes and 6th Avenue in Mayfair.
Although the four assailants pointed firearms at the businessman and the occupants of his car, they managed to escape by driving away, Backhoff said.
The armed men pursued, and blocked the car at a red robot further down the road, Backhoff said.
"They demanded money and R5,000 was given to them. They demanded more money and when they didn't get it, they fired three shots, grabbed the businessman, pushed him into their car and fled."