Hyderabad: Provident Fund enforcement officials on Wednesday, October 9. arrested a businessman for evading PF worth Rs 62,43,480.
The accused was identified as Ramesh Partani, owner of Unnati Industrial Cooperative Society. Despite notices and reminders, Partani failed to remit the dues to the employees’ accounts.
The enforcement officers executed the warrant against the accused, and the defaulter was sent to prison. The recovery officer, EPFO, Barkatpura, took action against the accused as per the powers vested in him under the EPF and Miscellaneous Provisions Act, 1952, a press release informed.
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 provides for the institution of compulsory Provident Fund, [Pension] Fund and Deposit-Linked Insurance Fund, for the benefit of the employees in factories and other establishments.
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