The report states that the cash that was fraudulently withdrawn belonged to the pooled fund of EPFO.
Mumbai EPFO Fraud: The cash belonged to the pooled fund and it’s a loss to EPFO, not any particular person.
- News18.com
- Last Updated:August 17, 2021, 08:41 IST
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A gaggle of workers at a Mumbai workplace of the Employees Provident Fund Organisation (EPFO) allegedly siphoned over Rs 21 crore from a typical PF pool by way of fraudulent withdrawals, in line with an unique report by The Indian Express.
The transactions have been carried out between March 2020 and June 2021. Allegedly, as many as 817 financial institution accounts of largely migrant employees have been used to fraudulently declare PF totalling Rs 21.5 crore on their behalf and deposit it of their accounts.
The report states that the cash that was fraudulently withdrawn belonged to the pooled fund of EPFO, which holds deposits made by registered organisations each month. Therefore, no particular person PF account has been misused. The cash belonged to the pooled fund and it’s a loss to EPFO, not any particular person
Meanwhile, the federal government issued a mandate during which a deadline of August 31 because the EPFO deadline for linking your Universal Account Number (UAN) to your Aadhaar card. The end result of not doing so will lead to your entry to the Employee Provident Fund (EPF) being restricted, together with its services. Employers will solely be capable of file Employee-cum-Return (ECR) challans and deposit the cash to the EPF account if the UAN and Aadhaar are linked.
If the employer doesn’t have their UAN linked to your Aadhaar card by the deadline, they are going to be unable to make the month-to-month contributions to the EPF account. Additionally, workers may also not be capable of withdraw the funds from their PF accounts if they don’t adhere to the deadline.
The authorities declared this Aadhaar-UAN hyperlink to be accomplished as per Section 142 of the Code on Social Security, 2020, which got here into impact on May 3, 2021.
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