Company director siphons off ₹28.3 lakh from employee provident fund, booked
The company, located at Alandi road in Bhosari, allegedly deducted money from employees’ salaries in the name of paying provident fund deposits. However, the money was not deposited in EPFO
The director of a security company in Bhosari was booked for cheating his employees of ₹28.3 lakh by siphoning funds from provident fund payments.
The company, located at Alandi road in Bhosari, allegedly deducted money from employees’ salaries in the name of paying provident fund deposits. However, the money was not deposited in the government-mandated Employees’ Provident Fund Organisation (EPFO) account.
The siphoning of funds allegedly started in April 2016 until it came to notice in June 2021.
A total of ₹28,38,969 was allegedly siphoned over the years, according to the complainant.
The 43-year-old director of the security service company is accused of having used the funds for his own gains.
A case under Section 420 (cheating) of the Indian Penal Code was registered at Bhosari police station.
Police sub-inspector S Kendre of Bhosari police station is investigating the case.