Investment Scam in EPFO Latest Update From Lok Sabha

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA
UNSTARRED QUESTION NO: 3443
ANSWERED ON: 09.12.2019
Investment Scam in EPFO

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Imtiaz Jaleel Syed
Will the Minister of
LABOUR AND EMPLOYMENT be pleased to state:-


(a)whether EPFO uses its fund in different entities to earn interest and if so, the procedure adopted for such investment;
(b)whether recently some scam in investing such fund has come to the notice of the Government especially from Uttar Pradesh and if so, the details thereof;
(c)the number of State Government and EPFO officials found involved in this scam;
(d)whether the Government has inquired into this and if so, the outcome thereof and the number of persons arrested and action initiated against them; and
(e)the steps taken by the Government to restrict such scam in future?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT

(SHRI SANTOSH KUMAR GANGWAR)

(a): The Employees’ Provident Fund Organisation (EPFO) is investing its fund as per the investment pattern notified by the Government.
(b) to (e): There is no such scam in respect of any fund managed by any trust covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

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