Chandigarh, June 17: The Central Bureau of Investigation (CBI) has arrested Navneet Srivastava, a senior officer of the Indian Forest Service (IFS). He was the former CEO of the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST). His arrest is linked to the misuse of funds from the IFS bank account.
The accused was presented before a special judge of the CBI in Chandigarh and has been remanded to three days of police custody. This arrest follows revelations about his involvement during the ongoing investigation. Evidence indicates that funds from three CREST bank accounts at IDFC Bank in Chandigarh were fraudulently transferred to various shell companies. Beneficiaries converted these funds for personal use.
As a result, CREST suffered a loss of approximately ₹75 crores during his tenure. The investigation also uncovered that a portion of the money obtained from the crime was sent to a private company account, where his wife and a close relative serve as directors.
Previously, the former project director of CREST, Sukhwinder Singh Abrol, and accountant Sahil Kukkar were arrested, and charges have been filed against them. They are currently in judicial custody.
The CBI has taken over the investigation from the Economic Offenses Police Station in Chandigarh. Recently, the agency filed its first charge sheet against 13 accused individuals, including five officials from a private bank, two government employees from CREST, two shell companies (and their three partners/directors), and one private individual. All accused are currently in judicial custody.
The CBI is working swiftly to ensure that all responsible parties face justice.
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