Friday, January 25, 2013

29 charged in court for fraudulent EPF withdrawals Read more: 29 charged in court for fraudulent EPF withdrawals -

KUALA LUMPUR: The Employees Provident Fund (EPF) charged 29 contributors in court for fraudulent withdrawals last year.


EPF general manager for public relations Nik Affendi Jaafar said, during the same period, 24 members were also found guilty by the courts for fraudulent withdrawals under housing and incapacitation, while 19 cases are currently pending court action. 
"It is our priority at the EPF to ensure that our members' savings, which are intended for retirement purposes, continue to be safeguarded," he said, warning members and other individuals involving in fraudulent EPF withdrawals.
He said, in the fourth quarter of last year, five members have been charged under Section 59, of the EPF Act 1991, for making unlawful EPF housing withdrawals, and were fined a total of RM16,000 by the court. 
Under the act, those found guilty of fraudulent withdrawal are liable to a maximum jail sentence of three years or a RM10,000 fine, or both. 
Fraudulent withdrawals, according to Nik Affendi involves submission of false documents by a member to facilitate the approval of withdrawals from his or her own account. 
He noted that the EPF had a comprehensive system that allows the agency to detect any fraudulent withdrawals or unscrupulous fraudulent attempt even after the savings have been successfully withdrawn. -- BERNAMA

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