I configured it to fetch emails from my pop3 account, but its not working. Though settings are correct because during configuration test it connected and authenticated properly. Any suggestion or help would be greatly admired.
Did you check the boxes "Enable Auto Cron: Enable cron call on staff's activity" and "Mail Methods: Enable POP3 email fetch" in the Admin Panel?
After that make sure you are active as a staff member (on staff's activity).