Forest officer, wife, firm chargesheeted for public funds fraud of Rs 75.4 crore
The Central Bureau of Investigation (CBI) has filed a chargesheet against three accused, including Indian Forest Service (IFoS) officer Navneet Srivastava, in a fraud case involving the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) and IDFC First Bank. The case relates to the misappropriation of CREST funds, with the total fraud quantum estimated at Rs 75.4 crore.
The three accused chargesheeted by the CBI are Srivastava, who was the Chief Executive Officer of CREST at the time, M/s Vipam Consultancy Pvt. Ltd., and the company's director, who is Srivastava's wife.
They have been charged with criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and using forged documents as genuine. The charges also include bribery, criminal misconduct and abetment under the Prevention of Corruption Act, 2018.HOW THE CREST FRAUD UNFOLDED
According to the CBI investigation, Srivastava, while serving as CREST CEO, entered into a criminal conspiracy with the other accused. He allegedly misappropriated CREST funds and received illegal gratification through criminal misconduct as a public servant.
The investigation found that M/s Vipam Consultancy Pvt. Ltd. and its director were involved in the alleged conspiracy and abetment. The company received Rs 95 lakh from the defrauded amount, which was later used to acquire immovable property.
The funds involved in the CREST fraud were siphoned off from accounts held with IDFC First Bank.
Srivastava was earlier arrested by the CBI and remains in judicial custody.13 OTHER ACCUSED ALREADY CHARGESHEETED
The CBI took over the CREST case from the Union Territory of Chandigarh. With the latest chargesheet, the agency has already filed chargesheets against 16 accused in the matter, including the three named in the latest filing.
The investigation remains ongoing, with the CBI continuing to trace the fund trail and identify any additional accused.LINK TO RS 504-CRORE HARYANA BANKING FRAUD
The CREST case forms part of a larger banking fraud at the Sector-32 branch of IDFC First Bank in Chandigarh.
In the wider case, government funds amounting to approximately Rs 504 crore belonging to eight departments and organisations of the Haryana government were siphoned off through forged and non-existent Fixed Deposits and fraudulent debit transactions.
The CBI took over the Haryana case at the request of the state government and has so far chargesheeted 37 accused.RS 78-CRORE CHANDIGARH SMART CITY CASE
A third related case involving the Smart City project and the Chandigarh Municipal Corporation has also been taken over by the CBI.
In that case, the agency has filed a chargesheet against seven accused of allegedly defrauding the Municipal Corporation of approximately Rs 78 crore.
All three cases are under further investigation as the CBI works to fully trace the flow of funds and identify additional accused.- EndsPublished By: Tanu jainPublished On: Sep 11, 2026 17:31 IST
