Former CREST CEO Navneet Srivastava, private company and its director accused of conspiracy, cheating, forgery and corruption

Chandigarh, 11 September (H.S.): The Central Bureau of Investigation (CBI) on Friday filed a chargesheet against three accused, including Indian Forest Service officer Navneet Srivastava, in connection with the alleged ₹75.4-crore fraud involving funds of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).

Srivastava, who was then Chief Executive Officer of CREST, has been chargesheeted along with M/s Vipam Consultancy Pvt. Ltd. and its director. The CBI has invoked provisions relating to criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and use of forged documents, besides offences under the Prevention of Corruption Act.

According to the CBI, the funds were allegedly misappropriated from CREST’s accounts maintained with IDFC First Bank.

The investigation alleged that Srivastava, while serving as CREST CEO, conspired with other accused and facilitated diversion of public funds. The agency has also alleged that he received illegal gratification while abusing his official position.

The CBI said Srivastava’s wife, who is a director of M/s Vipam Consultancy Pvt. Ltd., and the company were also chargesheeted for allegedly abetting the offence and participating in the conspiracy. The company allegedly received ₹95 lakh from the defrauded amount and used it for acquiring immovable property. Srivastava had earlier been arrested by the CBI and remains in judicial custody.

The agency had taken over the case from the Chandigarh administration. Before the latest chargesheet, 13 other accused had already been chargesheeted in the CREST matter. The case is linked to a larger alleged banking fraud at IDFC First Bank’s Sector-32 branch in Chandigarh, involving around ₹504 crore belonging to eight Haryana government departments and organisations.

The CBI said all three connected cases remain under further investigation to trace the money trail and identify other accused.

Hindusthan Samachar / GURSHARAN SINGH