Post Office Savings Scheme News: If you are a post office customer then there is important news for you. The Comptroller and Auditor General (CAG) has released a shocking report. According to this CAG report, post office employees have misappropriated public money worth Rs 95.62 crore between November 2002 and September 2021. This is great news for those investing in Post Office Savings Scheme. Actually, the post office savings scheme is considered very safe, in such a situation such an incident can shake the customers.
post office safe scheme
It is worth noting that people who do not have the risk appetite, also invest in the post office because the post office is considered a safe investment. Let us inform you that the post office is the nation’s oldest and biggest banking system. The system caters to the investment needs of urban and rural customers through schemes like Savings Bank, Recurring Deposit, Fixed Deposit, National Saving Certificate, Kisan Vikas Patra, PF, Monthly Sukanya Samriddhi Yojana, Senior Citizens Savings Program, and Income Account Scheme. Not only this, the Department of Posts (DoP) provides these services to the Ministry of Finance on an agency basis.
What does this report say?
According to Indian news reports, “postal workers in five circles made fraudulent withdrawals of Rs 62.05 crore from fictional accounts,” according to the audit report of the CAG on Finance and Communications, which was presented to Parliament on Monday. After being shown as life with fake balances, they were closed. Cash deposits from customers in eight circles totaling Rs. 9.16 crore were entered in passbooks but not credited to the accounts they had with the post office. Later the postal workers took out the money. Fraudulent withdrawal of Rs.4.08 crore from savings accounts of customers by postal workers in four circles with forged signatures/thumb impressions. There were also other cases of unauthorized use of user IDs and passwords by postal workers or outsiders. This led to fraud of Rs 3 crore in four circles. Not only this, postal workers in the two circles with the connivance of outsiders.
CAG gave information
After this embezzlement of post office employees, the CAG said that out of fraud/ rigging of Rs 95.62 crore, the Department of Posts recovered Rs 14.39 crore (including penalty/interest of Rs 40.85 lakh) from the persons concerned. In other words, Rs 81.64 crore must be recovered. Soon this too will be fixed.
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