Chandigarh, 17 June (H.S.): The Central Bureau of

Investigation has arrested Navneet Srivastava, a senior Indian Forest Service

officer and former Chief Executive Officer of Chandigarh Renewable Energy and

Science & Technology Promotion Society, in connection with the alleged

misappropriation of funds from CREST bank accounts.

Srivastava, who was heading CREST at the time of the

alleged fraud, was produced before the Special Judge, CBI, Chandigarh, and has

been remanded to three days of police custody.

According to the CBI, Srivastava’s role came to light

during the ongoing investigation. The agency said that funds parked in three

CREST bank accounts maintained with IDFC Bank in Chandigarh were allegedly

fraudulently transferred to various shell companies and later converted for

personal use by the beneficiaries. The alleged fraud caused a loss of

approximately Rs 75 crore to CREST, Chandigarh.

The investigation further revealed that part of the

proceeds of crime was allegedly diverted into the account of a private company,

where Srivastava’s wife and a close relative are directors.

Earlier in the same case, the then Project Director of

CREST, Sukhwinder Singh Abrol, and accountant Sahil Kukkar had been arrested.

Both have already been charge-sheeted and are currently in judicial custody.

The CBI had taken over the investigation from the

Economic Offences Police Station, Chandigarh. Recently, the agency filed its

first charge sheet against 13 accused persons, including five officials of the

private bank, two public servants of CREST, two shell entities along with three

partners or directors, and one private person. All the accused named in the

charge sheet are presently in judicial custody.

The CBI said it remains committed to conducting a thorough, impartial and

expeditious investigation and ensuring that all persons responsible are brought

to justice.

Hindusthan Samachar / GURSHARAN SINGH