The Central Bureau of Investigation has filed a chargesheet against Indian Forest Service officer Navneet Srivastava, his wife and a private company in connection with the alleged misappropriation of funds from the Chandigarh Renewable Energy and Science & Technology Promotion Society, or CREST. The CBI has put the total quantum of fraud in the CREST case at ₹75.4 crore.
Who Has Been Chargesheeted?
The chargesheet names Srivastava, M/s Vipam Consultancy Pvt Ltd and its director, who is Srivastava’s wife.
Srivastava, who was serving as Chief Executive Officer of CREST at the time, has been accused of entering into a criminal conspiracy with other accused, misappropriating society funds and receiving illegal gratification while allegedly indulging in criminal misconduct as a public servant.
His wife and Vipam Consultancy have also been chargesheeted for allegedly abetting the offence and being part of the criminal conspiracy.
Srivastava had earlier been arrested by the CBI and remains in judicial custody.
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What Offences Has the CBI Alleged?
The accused have been charged with offences including criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and using forged documents as genuine under the Bharatiya Nyaya Sanhita.
The charges also include offences of bribery, criminal misconduct and abetment under the Prevention of Corruption Act, 2018.
The CBI took over the CREST case from the Chandigarh administration. Before the latest chargesheet, 13 other accused had already been chargesheeted in the case.
How Did Vipam Consultancy Allegedly Benefit?
The CBI found during its investigation that Vipam Consultancy received ₹95 lakh from the allegedly defrauded funds.
The agency alleged that this money was subsequently used to acquire immovable property. The company and its director have been chargesheeted for allegedly abetting the offences and participating in the conspiracy.
This alleged movement of funds forms part of the broader investigation into how money belonging to CREST was misappropriated and where the proceeds ultimately went.
What Role Did the IDFC First Bank Account Play?
The investigation also examined alleged fraudulent transactions through an IDFC First Bank account.
According to the material in the screenshots, a proposal for opening a savings bank account in the name of CREST with IDFC First Bank Ltd was submitted along with a comparison chart of different banks. The project director proposed IDFC First Bank, stating that it offered a 3.95% government fixed deposit interest rate.
The investigation later found that alleged fraudulent transactions were processed through the bank’s internal banking system by misusing maker-checker mechanisms.
The CBI alleged that Rishabh Rishi, Seema Dhiman, Priyanka Bhatoa and Anuj Kaushal conspired, checked and authorised various fraudulent debit transactions despite the absence of genuine banking records.
What Did the CBI Find About the Cheques?
The CBI alleged that the signatures of Navneet Kumar were found on several cheques used in fraudulent transactions. The agency claimed that more than 272 fraudulent transactions were carried out over a period of time.
The fraudulent debit transactions allegedly took place several times through cheques bearing purported signatures of Navneet Kumar, then CEO, and Rakesh Kumar, DDO of CREST.
Both officials disowned their signatures on the cheques, according to the information in the screenshots.
The investigation into the bank account also found that when the account was opened on February 2, 2025, an IDFC First Bank employee allegedly generated the login credentials of the account. Navneet Kumar Srivastava and Rakesh Kumar were the authorised signatories, but both denied their signatures during the investigation.
How Is the CREST Case Linked to a Larger Banking Fraud?
The CREST investigation is connected to a wider banking fraud involving the Sector-32 branch of IDFC First Bank in Chandigarh.
The broader case concerns around ₹504 crore belonging to eight departments and organisations of the Haryana government. The money was allegedly siphoned off through forged and non-existent fixed deposits and fraudulent debit transactions.
The CBI took over the Haryana case from the state Vigilance and Anti-Corruption Bureau at the request of the state government and has so far chargesheeted 37 accused.
The agency has also taken over a third case concerning the Smart City/Chandigarh Municipal Corporation of Chandigarh UT. Seven accused have been chargesheeted in that case over the alleged defrauding of the municipal corporation to the tune of ₹78 crore.
All three cases remain under further investigation as the CBI works to trace the fund trail and identify other accused persons.
Why Does This Case Matter?
The case highlights the need for tighter checks when large amounts of public money are handled through banks and government bodies. With the CBI examining alleged fraudulent transactions and tracing where the money went, the investigation also shows why strong internal controls, proper verification and accountability are essential to protect public funds from misuse.
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