POLICE will allege 12-year-old Gold Coast boy was kidnapped, bound and taken out of the state with the aim of holding him for ransom, it has been revealed.

Detectives will now apply to extradite a 53-year-old man from where he was arrested in New South Wales to face a charge of kidnapping for ransom.

The boy had just walked home from the day’s school on Friday afternoon when he was allegedly snatched in broad daylight and dragged in to a black SUV as neighbours watched on in horror.

Detective Inspector Marc Hogan said a keen-eyed member of the public who had seen media reports spotted the Jeep used in the schoolboy’s abduction and phoned police.

Police were also able to track the car using a traffic camera network before setting up a series of road blocks in an attempt to intercept the driver.

READ THE LATEST UPDATES: Police allege boy was ‘kidnapped for ransom’

EARLIER

A GOLD Coast schoolboy is awaiting an emotional reunion with his parents after a horrifying 24-hour ordeal that allegedly saw the 12-year-old dragged screaming into a car outside his Mudgeeraba home and driven more than 200km interstate.

The boy was located in the northern NSW town of Grafton about 12.30pm on Saturday, ending a frantic search involving dozens of police officers across two states.

A 53-year-old man, is ‘assisting police with their inquiries’ after the breakthrough.

The young boy’s parents travelled three hours down the NSW north coast late Saturday to be by his side.

EARLIER

POLICE have found the 12-year-old boy allegedly abducted from the Gold Coast in Grafton, New South Wales. He is believed to have suffered no major injuries.

A 53-year-old man is assisting police with inquiries.

Police are still looking for the dark blue Jeep Compass used in the abduction, registration 760TNH.