Chandigarh, June 17 (IANS) The Central Bureau of Investigation (CBI) has arrested Navneet Srivastava, a senior Indian Forest Service (IFoS) officer and former CEO of the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), J&K, in connection with the major misappropriation of funds from IDFC Bank accounts.

The arrest was made after the investigation revealed Srivastava’s alleged role in the fraudulent diversion of public funds while he was heading the organisation. The accused was produced before the Special Judge, CBI, Chandigarh, and has been remanded to police custody for three days.

Investigation has shown that funds parked in three bank accounts of CREST maintained with IDFC Bank at Chandigarh were fraudulently misappropriated and routed into various shell companies. These proceeds were allegedly converted for personal use by the beneficiaries, resulting in a loss of approximately Rs 75 crore to CREST.

Further probe revealed that part of the crime proceeds was diverted into the account of a private company in which Srivastava’s wife and a close relative serve as directors.

This development comes after the CBI earlier arrested the then Project Director, Sukhwinder Singh Abrol, and the Accountant, Sahil Kukkar, of CREST. Both have already been charge-sheeted and are currently in judicial custody.

It may be recalled that the CBI took over the investigation from the Economic Offences Police Station, Chandigarh. Recently, the agency filed its first charge sheet in the case against 13 accused persons, including five officials of the private bank, two public servants from CREST under J&K Administration, two shell entities, along with three of their partners, directors, and one private individual. All the accused persons named in the charge sheet are presently in judicial custody.

The case pertains to a systematic financial fraud involving multiple layers of shell companies and diversion of government funds meant for renewable energy and science & technology promotion initiatives.

The CBI has reiterated its commitment to conducting a thorough, impartial, and expeditious investigation to bring all those responsible to justice.

–IANS

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