M/s Vichare Express & Logistic Pvt Ltd Accused of Embezzling ₹4.71 Crore From Employees’ Provident Fund

A case of cheating has been filed against M/s Vichare Express and Logistic Private Limited, a renowned pan-India company established in 1996, with over 600 employees. The Employees’ Provident Fund Organisation has alleged that the company failed to deposit the employees’ provident fund amount into the Provident Fund accounts and embezzled Rs. 4.71 crore.

According to the FIR, the company is located in Charkop in Kandivali West. On September 8, Shailesh Jarath, an employee, and the Maharashtra Navnirman Sena lodged complaints with the Employees’ Provident Fund Organization, stating that the company deducted the Provident Fund amount from the employees’ salaries but did not deposit it into the Provident Fund accounts.

Subsequently, an inquiry by the Employees’ Provident Fund Organisation revealed that from October 2020 to November 2022, the total amount was Rs. 5.3 crore. Despite being given time to deposit the amount, the company only deposited a part of the total.

In response, the company filed an FIR against directors Mahendra Vichare, Chandrakant Vichare, and Avinash Shirke under IPC sections 34 (common intention), 406 (breach of trust), and 420 (cheating) on December 15.

Historically, the Employees’ Provident Fund (EPF) in India was introduced under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is a social security scheme that ensures financial stability for employees after retirement. The EPF is a significant aspect of employment law in India and is designed to promote long-term savings for employees.

This case against M/s Vichare Express and Logistic Private Limited highlights the importance of companies fulfilling their responsibilities in depositing employees’ provident fund amounts and adhering to financial regulations. It also underscores the significance of the EPF in safeguarding the financial well-being of employees.

In conclusion, the allegations against M/s Vichare Express and Logistic Private Limited serve as a reminder of the need for transparency and compliance with the provisions of the Employees’ Provident Fund to protect the interests of workers. It is essential for companies to prioritize the welfare of their employees by upholding ethical and legal standards.