EPFO, considering that it is imperative to freeze some or all of the operations in respect of MIDs/UANs/Establishments, where there is a chance of fraudulent withdrawal or an attempt to fraud or having committed the fraud, to lay out a procedure for freezing and de-freezing of such MIDs/UANs/Establishments, has prescribed an SOP.
SCOPE of SOP
- To specify the mechanism for identifying potential cases of suspicious accounts/transactions wherein there is a possibility for impersonating or fraudulent withdrawals.
- To specify necessary steps to protect the funds lying within such accounts or transactions made therefrom so that there is no flight of capital and members’ funds are secured.
- To inquire into the genuineness or otherwise of such accounts or transactions within a given time frame.
- In case there is an irregularity or fraud, to take corrective actions to address such cases.
- In case there is an irregular or fraudulent withdrawal, to recover the funds as per the laid down procedures.
- To bring closure to the incident by: -Protecting funds and make them available in the rightful account, allow transactions as well as inform the concerned.
- Address the systemic issues for safeguarding any future recurrences in a given timeframe.
