Dismissing the allegations as a "private matter", the PCB has asked the player to get his name cleared through a police complaint.
PCB chairman Shaharyar Khan said in Karachi that the player had spoken to the Board over the matter and claimed that he was being blackmailed by a model and her husband, who have alleged that she was intoxicated and sexually molested by the cricketer last year.
"We have spoken to the player and he has informed us that he was being blackmailed by this woman and her husband since last year and he even taped some of the threatening calls they made to him on his mobile," Shaharyar said.
"The player's version is that they were asking large amounts of money from him in return for not filing any complaint."
The woman's husband has filed a written complaint with the Board demanding the PCB to take notice of the incident, hold an inquiry and take action against the player, failing which he would move the courts.
The PCB chief said the Board would be taking no action against the player as he claims to have never even met this woman.
"If this complainant comes forward with some evidence then we will have another look at it but for now if they say the player has committed such a serious offence then they should be firm about their case," he said.
"You have to understand that cricketers are star material in our country and there are people who try to exploit and blackmail them," he said.