CBI Chargesheets Forest Officer, Wife In ₹75.4 Crore Chandigarh CREST Fraud

The Central Bureau of Investigation has filed a chargesheet against Indian Forest Service officer Navneet Srivastava, his wife and a private consultancy firm in connection with an alleged Rs 75.4-crore fraud involving the Chandigarh Renewable Energy and Science & Technology Promotion Society and IDFC First Bank. Srivastava was serving as the chief executive officer of CREST when the alleged financial irregularities took place. The case concerns the suspected diversion and misappropriation of public funds maintained in CREST accounts.

The three accused named in the latest chargesheet are Srivastava, M/s Vipam Consultancy Pvt. Ltd., and the company’s director, who is Srivastava’s wife. The CBI has invoked charges related to criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and the use of forged documents as genuine. The chargesheet also includes allegations of bribery, criminal misconduct and abetment under provisions of the Prevention of Corruption Act.

According to the investigation, Srivastava allegedly entered into a criminal conspiracy with the other accused while serving as CREST CEO. The agency has alleged that he misappropriated funds belonging to the organisation and obtained illegal gratification through acts of criminal misconduct in his capacity as a public servant. The CBI has further alleged that Vipam Consultancy and its director participated in the conspiracy and helped facilitate the diversion of the funds.

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The investigation found that the consultancy firm received approximately Rs 95 lakh from the allegedly defrauded amount. The money was subsequently used to purchase immovable property, according to the agency. The funds involved in the CREST case were allegedly siphoned off from accounts maintained with IDFC First Bank. Srivastava had earlier been arrested by the CBI and remains in judicial custody as the investigation continues.

With the latest filing, the CBI has now chargesheeted 16 accused in the CREST case, including the three named in the current chargesheet. The agency took over the investigation from the Union Territory administration of Chandigarh and is continuing to examine the financial trail. Investigators are also working to identify any additional individuals who may have been involved in the alleged fraud or benefited from the diverted funds.

The CREST case is linked to a wider alleged banking fraud at the Sector 32 branch of IDFC First Bank in Chandigarh. In that case, around Rs 504 crore belonging to eight Haryana government departments and organisations was allegedly siphoned off through forged and non-existent fixed deposits and fraudulent debit transactions. The CBI has so far chargesheeted 37 accused in the larger case. A separate related case involving the Chandigarh Smart City project and the Municipal Corporation concerns an alleged Rs 78-crore fraud, in which seven accused have been chargesheeted. All three matters remain under further investigation.

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