The Central Bureau of Investigation (CBI) has arrested Navneet Srivastava, a senior Indian Forest Service (IFS) officer, in connection with the alleged misappropriation of funds from an IDFC Bank account. At the time of the alleged offense, Srivastava was serving as the Chief Executive Officer (CEO) of the Chandigarh Renewable Energy and Science & Technology Promotion Society (Crest).
Court Proceedings and Remand
Srivastava was produced before a special CBI court, which remanded him to police custody. Investigators allege his involvement in diverting Crest funds for personal gain.
Details of the Alleged Fraud
According to the CBI, money from three Crest accounts maintained with IDFC Bank in Chandigarh was siphoned off into multiple shell companies. The funds were then converted for personal use, causing an estimated loss of approximately Rs 75 crore to Crest during Srivastava's tenure.
Part of the diverted funds was allegedly channeled into the account of a private company where Srivastava's wife and a close relative serve as directors.
Other Arrests and Charges
Former Crest project director Sukhwinder Singh Abrol and accountant Sahil Kukkar have also been taken into custody. Both have been chargesheeted and remain in judicial custody.
The CBI took over the investigation from the Economic Offences Wing (EOW) of Chandigarh. Recently, the agency filed its first chargesheet against 13 accused, including:
- Five officials of the private bank
- Two Crest public servants
- Two shell entities along with three partners/directors
- One private individual
All accused are currently lodged in judicial custody.
