UIF on mission to return fraudulently requested Covid-19 funds TERS

The Unemployment Insurance Fund (UIF) is on a mission to recover money fraudulently requested under the UIF Covid-19 TERS scheme over the past few years.

In 2020 mutual fund there was about R160 billion in the treasury for temporary assistance to Covid-19 workers, of which he paid out R61 billion in claims.

During Thursday’s media briefing in Cape Town UIF Commissioner Tebogo Maruping showed that R3.4 billion in money stolen through the aid scheme was voluntarily returned to the UIF.

Maruping said that at the time of disbursement of aid funds, they indicated that they would introduce a “Follow the Money” project to ensure that no funds were misused or misused by employers.

He said they have appointed 6 forensic audit firms to conduct the second phase of the Follow the Money project, due to begin in July and expected to be completed in 12 months.

ALSO READ: Covid-19 Ters scammers who stole more than 600 thousand rubles were detained

“In the first six months, we have targeted 14 billion rand. We were able to confirm that 12.8 billion rand was correctly paid by employers to their employees, and all processes were carried out properly,”

In the process, they managed to recover 918 million rand, and 357 million rand was paid out in suspected fraudulent claims that were reported to law enforcement.

According to him, as the cases were investigated and covered in the media, the companies worked and began to transfer money back to the mutual fund account.

“Companies began to apply and began to transfer money to the bank account of the mutual fund, they transferred about 2.5 billion rubles, if we add 918 million rubles, which we returned, we get 3.4 billion rubles,” Maruping added.

The UIF now has 120 billion rand in the treasury and is confident that about 91% of the aid funds were accurate payments.

Maruping said UIF employees are no exception in the investigation into their possible involvement in the stolen funds.

“We are also investigating possible insider involvement of our employees. We are not going to disclose the extent yet, but we will investigate these cases and make the necessary announcement at the right time,” Maruping said.

NOW READ: UIF urges employers to file disputes or appeals against Covid-19 Ters claims