Representative photo
Inder Vashisth
The Central Bureau of Investigation (CBI) has arrested Navneet Srivastava, a senior Indian Forest Service (IFoS) Officer, who was the then CEO, Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), Chandigarh UT, in connection with the fund misappropriation from IDFC bank account. The accused has been produced before the Ld. Special Judge, CBI, Chandigarh and has been remanded to police custody for 03 days.
The arrest was made after his role was revealed during the ongoing investigation in the case. Investigation revealed that funds parked in three bank accounts of CREST, maintained with IDFC Bank at Chandigarh, were fraudulently misappropriated into various shell companies and converted for personal use by the beneficiaries, causing a loss of approximately, Rs. 75 Crore to CREST, Chandigarh while he was at the helm of affairs. Investigation further revealed that part of the proceeds of crime was diverted into the account of a private company, where his wife and a close relative are the Directors.
It may be recalled that, the then Project Director Sukhwinder Singh Abrol and Accountant Sahil Kukkar of CREST, were earlier arrested in this case and have already been charge sheeted and they are presently in judicial custody.
It may be recalled that CBI had taken over the investigation of this case from Economic Offences Police Station, Chandigarh. CBI had recently filed the first charge sheet in this case against 13 accused persons, including 05 officials of the private bank, 02 public servants of CREST (Chandigarh UT Administration), 02 shell entities along with 03 partners/directors thereof, and 01 private person. All the accused persons are currently in judicial custody.