[ad_1]
Laying out the usual working procedures for a time-bound methodology for freezing member IDs, common account numbers or institutions on account of verification requirement, EPFO mentioned a precautionary verification mechanism is prerequisite to mitigate dangers concerned due to doable frauds, impersonation and forgery.
“The primary and the foremost motion would thus be to guard the capital or its flight from an account. Thus, it’s crucial to freeze some or all the operations in respect of MIDs/UANs/institutions, the place there’s a likelihood of fraudulent withdrawal or an try and fraud or having dedicated the fraud,” it mentioned within the SOP doc.
EPFO, being a premier social safety organisation, gives social safety advantages to over 60 million subscribers by means of three schemes, specifically, the Staff’ Provident Fund scheme, the Staff’ Pension Scheme and the Staff’ Deposit Linked Insurance coverage scheme.
As a part of the SOP, the EPFO mentioned a number of layers of verification can be completed for MIDs/UAN and institutions for figuring out potential instances of suspicious accounts/transactions whereby there’s a chance for impersonating or fraudulent withdrawals.
It has additionally laid out steps to guard the funds mendacity inside such accounts or transactions made therefrom in order that there is no such thing as a flight of capital and members’ funds are secured. “SOPs will assist inquire into the genuineness or in any other case of such accounts or transactions inside a given timeframe,” it mentioned, including in case of an irregularity or fraud corrective measures can be taken to get well the funds and shut the incident. In response to the SOPs, the instances which had been discovered to be fraudulent after verification can be referred to the involved authorities for registering the felony instances towards the perpetrators in addition to to repair accountability on the officers of the sphere places of work, if there’s a lapse seen from their aspect.
“The fraudulently withdrawn cash must be quantified and the restoration of the
similar together with the due curiosity part, wherever relevant, must be made by the involved regional places of work, in order to re-credit the account of the real member from whose account the funds bought fraudulently withdrawn in order to carry closure to the incident,” it added.
