Post office is considered a safe investment. Let us tell you that the post office is the oldest and largest banking system in the country, which offers Savings Bank, Recurring Deposit, Time Deposit, National Savings Certificate, Kisan Vikas Patra, PF, Monthly Income Account Scheme, Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme. It caters to the investment needs of urban and rural customers through schemes like
If you are a post office customer then there is important news for you. Comptroller and Auditor General ie CAG has issued a shocking report. According to this CAG report, post office employees have misused public funds worth Rs 95.62 crore between November 2002 and September 2021. This is great news for those investing in post office savings scheme. In fact, the post office savings scheme has been considered very safe, so such an incident can shock the customers.
Post Office Safe Scheme-
Significantly, people who do not have the ability to take risk also invest in the post office, because the post office is considered a safe investment. Let us tell you that the post office is the oldest and largest banking system in the country. The system caters to the investment needs of urban and rural customers through schemes like Savings Bank, Recurring Deposit, Time Deposit, National Savings Certificate, Kisan Vikas Patra, PF, Monthly Income Account Scheme, Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme. Not only this, the Department of Posts (DoP) provides these services on an agency basis to the Ministry of Finance.
What does this report say?
According to the published news, in the CAG’s audit report on Finance and Communications, presented in the Parliament on Monday, it has been said, ‘In five circles, postal employees made fake withdrawals of Rs 62.05 crore from fake accounts. They were shown as active with fake balance and then closed. Cash deposits of Rs 9.16 crore by customers in eight circles were recorded in passbooks but not credited to their post office accounts. Later the postal workers took back the money. In four circles, fraudulent withdrawals of Rs 4.08 crore were made from savings accounts of customers with fake signatures/thumb impressions done by postal staff. There were cases of unauthorized use of user ID and password by other postal employees or outsiders. This led to a fraud of Rs 3 crore in four circles. Not only this, the postal employees with the connivance of outsiders in two circles 1.
CAG informed:
Following this embezzlement by post office employees, the CAG observed that out of Rs 95.62 crore defrauded/misappropriated, the Department of Posts recovered Rs 14.39 crore (including penalty/interest of Rs 40.85 lakh) from the concerned persons. That is, Rs 81.64 crore has to be recovered. Soon it will also be recovered.
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