The CBI has sought prosecution of IFS officer Navneet Kumar Srivastava on eight charges in connection with the alleged misappropriation of Rs 82 crore from the CREST.
According to the supplementary charge sheet filed before the CBI Court, the allegations range from criminal conspiracy and criminal breach of trust to forgery, corruption-related offences, disappearance of evidence and receiving proceeds of the alleged crime. The agency claims material collected during its investigation shows Srivastava is liable to be charged and tried for the alleged offences.
CBI Alleges Diversion of CREST Government Funds
Under the first charge of criminal conspiracy, the CBI has alleged that Srivastava, a public servant, and other co-accused facilitated illegal acts involving the diversion of CREST government funds. The allegations include manipulation of registered email and mobile particulars, use of forged account-related documents and fabricated bank statements, unauthorised debit transactions and concealment of the resulting loss.
The second charge concerns criminal breach of trust by a public servant. According to the charge sheet, Srivastava was the administrative and financial head and CEO/Additional CEO of CREST and an authorised signatory with control over government funds maintained in the society’s bank accounts. The CBI has alleged that he dishonestly allowed and facilitated the diversion and conversion of entrusted funds.
The third charge relates to forgery and falsification of accounts. The agency alleges that forged account-related applications bearing Srivastava’s purported signature and that of the DDO were used to alter CREST’s registered email particulars through banking officials during the period in which the fraudulent debits allegedly began and continued.
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Rs 95 Lakh Transfer Among Corruption Allegations
Under the fourth charge, concerning criminal misconduct by a public servant, the CBI has alleged that Srivastava abused his position as CEO/Additional CEO and authorised signatory of CREST to obtain pecuniary advantage for himself and persons or entities under his control or familial control.
The charge includes an allegation involving a demand draft of Rs 5 lakh raised in his own name from the CAPCO account. Another Rs 95 lakh was allegedly transferred from CAPCO to M/s Vipam Consultancy Pvt. Ltd. The charge also refers to cash and other alleged undue advantages received through carriers associated with co-accused Ribhav Rishi.
The fifth charge concerns undue advantage by a public servant. The CBI alleges that Srivastava obtained cash and other pecuniary benefits from persons acting for or connected with Ribhav Rishi in circumstances indicating that the advantage was received in consideration for performing or allowing his public functions improperly, including allegedly permitting and facilitating the diversion and concealment of CREST funds.
The sixth charge concerns causing the disappearance of evidence. Investigators allege that Srivastava deliberately deleted WhatsApp communications exchanged with Rahul Kumar and others connected with the alleged diversion and delivery of misappropriated funds. He is also accused of causing the destruction of the mobile device used by him at the relevant time, knowing that it contained evidence relating to the alleged offences.
Wife-Linked Company Named in Eighth Charge
The seventh charge concerns receiving stolen property or proceeds of the alleged offence. According to the CBI, substantial amounts fraudulently diverted from CREST bank accounts through CAPCO Fintech Services ultimately came to be transferred for the benefit of Srivastava and people closely connected with him through M/s Vipam Consultancy Pvt. Ltd. The agency alleged that CAPCO Fintech Services had no business dealing or legitimate commercial transaction with CREST.
The eighth charge concerns abetment of an offence under the Prevention of Corruption Act. The charge sheet states that Anupam Srivastava, wife of Navneet Kumar Srivastava, is a director of M/s Vipam Consultancy Pvt. Ltd. and holds a 95 per cent share in the company.
According to the allegations, the company had no genuine business activity or dealings with CREST but knowingly received and retained Rs 95 lakh from funds fraudulently diverted from the society. The report states that this was treated as an alleged bribe received by Anupam Srivastava on behalf of her husband, leading to an allegation of abetment punishable under Section 12 of the Prevention of Corruption Act, 1988, as amended in 2018, read with Section 61(2) of the Bharatiya Nyaya Sanhita, 2023.
The FIR was initially registered by Chandigarh Police on March 12, 2026, in connection with allegations of large-scale fraud through banking operations and fictitious transactions used to divert CREST government funds into shell entities in alleged connivance with bank officials and public servants. The case was subsequently transferred to the CBI.
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