Bonus payable to the employee - employee had closed the salary account and the cheque was returned by the bank

One of our employees resigned the job on 31.03.2020. The bonus payable to the employee for the FY 2019-20 was sent to the bank through to the salary account of the employee. It was learned that the employee had closed the salary account and the cheque was returned by the bank. we tried to contact the employee to the official address contact details. The employee does not stay there anymore. What is the action we should take about the bonus payable amount?

Dear Ashok,
In spite of the best of efforts, still if you are not able to disburse the bonus amount due to the ex-employee, you should deposit the amount into the unpaid accumulations a/c of the Karnataka Labor Welfare Fund under section 7 of the Karnataka Labor Welfare Fund Act,1965. With this your legal liability to pay the amount afterwards gets fully extinguished and it is for the employee to claim the amount later from the Board.

Agreed with Umakanthan53 sir go through the advice .
Thanks & Regards,
From,
sumit kumar saxena

Dear Ashok,
You have tried your best to pay the bonus through bank but the employee closed down his bank account and not residing in the place of address.
The Form C (Bonus Paid Statement) shown NEFT failed/Bank Account closed for reason of un paid.
You also mention same reason in Form D and send it licensing authority as a compliance toward payment of Bonus.
There is no hurry to deposit the unpaid bonus in Labour Welfare Fund but keep the provision in your accounts for un paid wages/bonus. The employee may turn up at anytime once he got the information.

Just once correction to what Mr. Umakanthan has explained,
You are required to hold the money with you in "unpaid wages" account and record it in the unpaid bonus register for a period of 3 years. If the employee does not come to claim the amount, then after 3 years you are required to remit it to the welfare fund.
I assume you have sent a letter / email to the last registered address of the employee informing him he is eligible fr bonus and that he should come and collect it.