The police officer has, however, denied the charge.
"Inspector General of Police Sunil Garg should be suspended and an inquiry ordered against him by Union Ministry of Home," Goa Forward spokesman Durgadas Kamat said today.
Vasco-based businessman Munnalal Halwai had yesterday accused Garg of accepting Rs 5.5 lakh from him in instalments last year for registering an FIR in a cheating case.
Halwai filed a formal complaint against the IGP with Chief Minister and the Anti-Corruption Bureau. He also moved a petition in a special court and submitted an audio recording.
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"If top bosses of Goa Police act in this way, then surely the morale of lower officers comes down. We urge the Chief Minister to intervene in this matter in a time-bound manner," he said.
The police officer yesterday denied the allegation, though he accepted that he had met the businessman.
"I did meet Halwai but I have not accepted any bribe and I have not done anything wrong," Garg had told reporters.