The team of IT sleuths from Bangalore circle conducted the raids at the cabinet minister's office at Miramar on the outskirts of the capital and at a factory of Karapur Agro private limited, located in Sanquelim, 40 kms from here, in which Rane is a partner.
While both the IT officials and the minister have declined to comment, sources said that the officials were tracking down a transaction, involving sale of large tracts of land by Rane.
Vishwajeet Rane's son Pratapsing Rane is a former chief minister and the Speaker of the Goa legislative assembly.
Rane, who was elected to the state assembly as an independent, had joined the Congress only a few months back. The cabinet minister was earlier among a group of seven legislators, who were behind several attempts to topple the present Congress-led coalition government in the state.