A large number of such accounts are lying closed inside the EPFO in which no contribution has been made for a long time because the company was closed, these accounts were used for embezzlement of money.
In the Employees’ Provident Fund Organization (EPFO), a case of fraud of up to Rs 100 crore has come to the fore. After this matter came to the fore, now it has been decided by the EPFO that it will investigate all the transactions from the year 2017. So far, embezzlement of 37 crores has come to the fore during the internal audit. It is being said that this figure will increase further and this scam can be more than Rs 100 crore.Also Read: Great offer from Reliance Jio, Rs 399 recharge plan will be available in just 299; just have to do this work
8 officers suspended
This incident has shocked everyone. After this came to light, EPFO has also suspended 8 employees of its Mumbai region. And a key accused officer is on the run. The case of such a big mess in the capital related to the provident fund of the common people has been transferred to the CBI. In order to provide relief to the people in the coronavirus lockdown, the EPFO had relaxed the conditions related to withdrawal. Taking advantage of this, such a big scam was carried out.Also Read: How LIC SIIP plan work and what is the return on this
Due to declining income and job loss, a large number of people had applied to withdraw money from their provident fund. It was necessary to settle this immediately, senior officers shared their login passwords with other employees so that maximum settlement could be done in less time. It is being told that taking advantage of this, some senior employees had withdrawn money from many accounts.Also Read: LIC new jeevan akshay pensionplan for life time annuity benefits
Many accounts are lying closed for many years
A large number of such accounts are lying closed inside the EPFO in which no contribution has been made for a long time because the company was closed, these accounts were used for embezzlement of money. Initially some minor capital was put in these accounts which were closed by the accused employees. Later, under the guise of Karona, all the money was withdrawn from these accounts through fake documents.Also Read:Who can take LIC new Arogya Raksha Policy, its benefits, features and eligibility
Accounts from which money has been withdrawn. Some of these accounts are accounts associated with small companies. In this, the contribution of common people is there, now they will have to work hard to get their money back. Therefore, all the subscribers of EPFO should check their account from time to time. In this, they can also get information about interest income and remaining contribution.Also Read: For how long does EPFO pay interest on your PF account? know here
Expectations of crores from EPFO
More than 6 crores are subscribed and connected with EPFO. They contribute a part of their salary to EPFO every month. For his future pension and other requirements, the fund manager of EPFO has a corpus of more than 15 lakh crores. EPFO holders will not be affected in the scam of 100 crores. But such a big matter definitely lowers the trust of the people.
