No,the Ep of a body in free fall is converted into Ek( kinetic energy)and thus the amount of total energy is same at every point.
let there be a mass 'm' at a maximum height 'h'
let the peak be point A and let B be the closest point to the ground
C is a point anywhere b/t A and B
at point A ,tot.e=mgh+o=mgh
at C,i.e. after travelling a distance x,tot.E= mg(h-x)+1/2mv^2
but, v^2-u^2=2gx (as x is the distance traveled and g is the acceleration in this case),
hence tot.E @ C= mg(h-x)+mgx =mgh
now, at point B,tot.E=0+mgh( as h is the distance covered at point B)
Hence it is proved that eventhough Ep decreases during a freefall,the law of conservation of energy is not violated as mgh is constant at any point during this motion