EPFO has some fraudsters need audit
Officers tend to form nexus with crooks to fraudulently withdraw PF money from dormant or active accounts. This case in Mumbai is concerning and I have a feeling we have hundreds of such cases across India. Lets demand an audit of 100 samples over time from each office of EPFO
Several crores of Employees’ Provident Fund (EPF) savings have been drained out through fraudulent withdrawals at a regional office in Mumbai, as a result of officials of the Employees’ Provident Fund Organisation (EPFO) acting in connivance.
By Wednesday, Rs 37 crore of such withdrawals, most of which are learnt to have been partial withdrawal claims from EPF, had come to light, as per sources aware of the development.
Four officials have been suspended so far and an audit team of the EPFO has been dispatched to scrutinise transaction records at the regional EPF office in Kandivali. EPFO has confirmed that administrative and criminal action has been launched in the matter, along with efforts to recover the funds. more
Several crores of Employees’ Provident Fund (EPF) savings have been drained out through fraudulent withdrawals at a regional office in Mumbai, as a result of officials of the Employees’ Provident Fund Organisation (EPFO) acting in connivance.
By Wednesday, Rs 37 crore of such withdrawals, most of which are learnt to have been partial withdrawal claims from EPF, had come to light, as per sources aware of the development.
Four officials have been suspended so far and an audit team of the EPFO has been dispatched to scrutinise transaction records at the regional EPF office in Kandivali. EPFO has confirmed that administrative and criminal action has been launched in the matter, along with efforts to recover the funds. more
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This fraud will exist till the Government go with heavy hand to punish them severely. The Judicial system in the country need revamping and we have to get majority to be honest and sincere and not go by what is there and draging the case for years and some one comes to reinstate the culprit with arrears to be paid. So how we can proceed to nip such frauds.? more
Aug 10
i AGREE WITH MR. RAJESH RAJPUT Monthly and Annual PF statements should be be made a bye-product of the PF accounting system and distributed to all employees along with their monthly pay slips/cheques. PF contributions which are stopped should be closed within 6 months of the stoppage and accounts squared up under intimation to the employer/employee. more
Aug 07
Can we adopt system of transferring PF to individuals PPF A/C ? This way individual will keep full control of his contributions. EPFO has outlived it’s necessity. As it has not been able to keep pace with technology up gradation. more
Aug 07
