Deposit of provident fund amount in wrong account

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This query is : Resolved

Shubhakaran Sharma (Querist)

29 December 2022 respected sir,
In an education institute where State PF is applicable, not Center PF, an employee had asked for a loan against the amount of his deposit provident fund and the accountant working there, due to the name being almost the same, online by the pay manager, through a clerical mistake, of another ex-employee. Deposited the amount in the account, which is now a government teacher and he is reluctant to return the said amount, while the former employee has been paid all his PF.
The wrong transfer amount from the local treasury to the bank has been frozen and a letter has also been given to the bank to send the said amount from the treasury to the source again.
Can the employee still refuse to return the amount and if so what else can be done?
Kindly suggest the appropriate law.
Thank You
#9672165856
sharma.shubhakaran@gmail.com

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 December 2022 By any chance, if you have wrongly transferred the payment to the beneficiary whom you don't know, immediately request your bank to look into the matter for transaction reversal. While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank.

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