The Central Government has placed IFS officer Navneet Kumar Srivastava under suspension in connection with the alleged IDFC Bank scam, as police continue to investigate a case involving the suspected siphoning of government funds through shell companies and manipulated bank records.
Suspension Follows Earlier Removal From CREST
Srivastava had been serving as the Chief Executive Officer of the Chandigarh Renewable Energy and Science and Technology Promotion Society, or CREST, and had earlier been removed from that post. Reports said that during the suspension period he has been directed to report to the head office in accordance with service rules.
The action comes as the investigation widens into alleged financial irregularities linked to government bodies and banking records.
FCRF Academy Launches Premier Anti-Money Laundering Certification Program
Arrests Already Made in Ongoing Probe
Sukhwinder Singh Abrol, former project director at CREST, had earlier been arrested and is currently in judicial custody. Investigations by the Chandigarh Police Economic Offences Wing also led to the arrest of several bank officials and other individuals allegedly linked to the fund scam involving the Municipal Corporation and CREST.
The probe has been progressing on multiple fronts, with police examining the role of officials and financial intermediaries.
Shell Firms and Forged Records Under Scanner
Investigators have found indications that crores of rupees were allegedly siphoned off from government funds through a network of shell companies and manipulated bank documents. These records are said to include fake fixed deposit receipts and forged statements.
The case now appears to centre on the alleged misuse of official positions, fabricated financial records and a wider network of entities through which public money was diverted. The investigation remains ongoing.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
