TN company dupes Discom of Rs 500 crore

Power companies took loans in exchange for PF and gratuity money of more than one lakh employees and put all the money in the feeder repair program.

The bad news for the employees of Discom was, of that amount, Rs500 crore were invested in a company of Tamil Nadu five years ago and suddenly the company vanished into the air with the amount. Investigations are going on in this matter.

The highest amount is being reported of the employees of Jodhpur Discom.According to the information received from the five power companies of the state, Rs 11 thousand 617 crore should have been in the account but the latest report shows that this balance is only 4810 crore rupees.

An amount of Rs 2 crore is required to be deposited by the companies in Central Provident Fund every day, which is not being deposited from a long time.

When the employee’s leaders came to know about this matter, the authorities have been asked to give full details.

The trust controlling the CPF started investing money from the year 2011. When the debt crossed 70 thousand crore on these companies, they had to borrow money to repay the loan.

Here the pressure of the government was to …read more