CBI raids Hiranandani for Rs.1.68 billion provident fund fraud

April 8th, 2008 - 3:07 pm ICT by admin  

Mumbai, April 8 (IANS) The Central Bureau of Investigation (CBI) Tuesday raided offices and homes of leading private builder Hiranandani as well as government officials here in connection with a Rs.1.68 billion employees’ provident fund (EPF) fraud. According to a CBI official, provident fund department officials and 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.

“Later, the matter was ’sorted out’ between the provident fund department and 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 official told IANS.

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

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