Sleuths of the Employees’ Provident Fund Organisation apprehended the managing director of a city-based security firm, who allegedly siphoned off Rs. 1.7 crore of PF money due to his employees and some of his clients.
According to an official press release here, K. Manjunath of MAA Security Services Pvt. Ltd. had defaulted in payment of PF due to over 700 staff of his firm and failed to remit the money in the scheme.
However, he deducted the employees PF share from their salaries and also misappropriated the employer’s share, which he collected from various establishments his firm had provided security services to.
Manjunath was arrested and lodged in Bangalore Central Prison on Friday, the release said.
