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Rs 75.4-cr Chandigarh CREST-IDFC fraud: IFoS officer among 3 chargesheeted

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The Central Bureau of Investigation (CBI) on Friday filed a chargesheet against three accused, including Indian Forest Service (IFoS) officer Navneet Srivastava, in a case relating to the alleged misappropriation of Rs 75.4 crore from the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).The other accused are M/s Vipam Consultancy Pvt Ltd and its director, who is Srivastava’s wife, the CBI said.The agency has invoked provisions relating to criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and use of forged documents as genuine under the Bharatiya Nyaya Sanhita (BNS). Charges under the Prevention of Corruption Act, including those relating to bribery, criminal misconduct and abetment, have also been pressed.According to the CBI, Srivastava, while serving as CEO of CREST, allegedly entered into a criminal conspiracy with the other accused, misappropriated CREST funds and received illegal gratification by indulging in criminal misconduct as a public servant.The agency alleged that the company and its director abetted the offences and were part of the conspiracy. It said the company received Rs 95 lakh from the allegedly defrauded amount and subsequently used the money to acquire immovable property.Srivastava was earlier arrested by the CBI in the case and remains in judicial custody.The CBI had taken over the CREST case from the Union Territory of Chandigarh. With Friday’s chargesheet, the agency has so far filed chargesheets against 16 accused in the case.The CREST case is linked to a larger banking fraud at the Sector 32 branch of IDFC First Bank in Chandigarh, where government funds of around Rs 504 crore belonging to eight departments and organisations of the Haryana Government were allegedly siphoned off through forged and non-existent fixed deposits and fraudulent debit transactions.The CBI had taken over the Haryana case from the State Vigilance and Anti-Corruption Bureau, Haryana, at the request of the state government. It has so far chargesheeted 37 accused in that case.The agency has also taken over a third case involving the Chandigarh Smart City project and the Chandigarh Municipal Corporation. It has filed a chargesheet against seven accused for allegedly defrauding the civic body of Rs 78 crore.All three cases remain under further investigation to trace the fund trail and identify other accused, the CBI said.

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