CBI has raided offices & homes of leading private builder Hiranandani as well as government officials in Mumbai on Tuesday in connection with a Rs.1.68 billion employees’ provident fund (EPF) fraud.

An official of CBI said that the provident fund department officials & five group companies of the Hiranandi Builders were the targets of the raids.

In 2003-04, a team of EPF officials had visited the Hiranandani Group offices in northeast Mumbai since it had not deposited a sum of Rs.1.68 billion to the government, as required under the law.

The official said “Later, the matter was “sorted out” between the provident fund department & the builder. When we learnt of it we carried out detailed investigations and come to the conclusion of a fraud in the entire matter”.

The CBI is also trying to ascertain if the fund was diverted.