Cash is Disappearing From EPF Accounts Really look at Your Balance Regularly
There are in excess of 60 million endorsers associated with EPFO, who contribute a piece of their pay to EPFO every month. For his future annuity and different prerequisites, the asset administrator of EPFO has a corpus of in excess of 15 lakh crores. In the trick of 100 crores, there will be no effect on the EPFO holders, however such a major case certainly brings down the trust of individuals.
What is the matter
Harkesh Kumar Rana, a representative of Punjab Small Industries and Export Corporation, was shocked when Rs 5 lakh 39 thousand vanished from his Provident Fund Account (EPF Account). At the point when Harkesh needed to be aware of the vanishing of such an immense sum in the EPF account, it was observed that phony portable numbers, diverse record numbers and phony Aadhaar numbers were utilized to pull out cash from the EPF record and cash was removed from the record.
41 lakh rupees additionally vanished from the EPF account (EPF Account misrepresentation) from the record of Sukhdev Singh, a resigned worker of his organization. As per the grumbling held up with the Chandigarh Police, crores of rupees have been removed through counterfeit records in the opportune asset records of around 10 workers.
How does money embezzlement happen?
To give help to individuals in the lockdown because of Coronavirus, the EPFO had loosened up the conditions connected with withdrawal (EPF account withdrawal extortion). Exploiting this, such a major trick was completed. Due to declining pay and employment cutback, an enormous number of individuals had applied to pull out cash from their fortunate asset, which should have been settled right away. Senior officials shared their login passwords with different representatives so most extreme settlement should be possible significantly quicker. Exploiting this, some lesser workers removed cash from many records.