The chief executive of an Islamabad-based business establishment had received four letters, allegedly from the head of the Taliban's "finance wing", asking him to pay USD 25 million.
The letter, bearing the name of its sender, said the money is needed for jihad and it should be paid in Dubai.
"If you paid the money, we will protect you. Otherwise, there will be no guarantee," the letter said.
The Taliban threatened that its "operational wing" would take action if the money was not paid, a senior police official was quoted as saying by Dawn newspaper.
Police said a man delivered a letter and a USB device at Hanif's office.
Hanif is the father-in-law of Sadaqat Abbasi, who contested the recent general election as a candidate of the Pakistan Tehrik-e-Insaf.
Hanif told police that the letter had been written on the Taliban's letterhead.
Police could not trace two suspects seen in a video on the USB device.
The suspects said they needed money for jihad.
The police official said a complaint had been received from the Islamabad-based business establishment and its security had been enhanced.
A property tycoon too has been receiving extortion threats but he had not informed police, the official said.
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