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In six of the 29 cases, payment has been given by the victim.
But in all but one of the incidents, police were unable to take action against the suspect after they were not identified. Examples of blackmail in the past financial year include a person being asked for payment to stop a sexual video being placed on social media.
It is understood that gardaí received a complaint about the incident in recent days.
The Irish Independent understands the man, who is widely respected in political circles, agreed to hand over a sum of cash to his alleged blackmailers.
Webcams can be a great tool, but as with most things there are some people who use this technology to take advantage of others.If the blackmailer has had access to personal details, such as a friend list on social media or a place of work, they may threaten to send the video to these people or publish it somewhere online for friends, family or work colleagues to see.These videos from the BBC, explain further how sextortion works."It's an extremely upsetting situation for him and his family.And it has had a significant impact on him financially," said one well-placed source.