The Central Bureau of Investigation (CBI) has filed a chargesheet against former CREST chief executive officer and Indian Forest Service officer Navneet Srivastava, his wife and a private company in connection with an alleged financial fraud involving the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
According to the investigation, the alleged financial irregularities amount to approximately ₹75.4 crore. Srivastava, who was serving as CREST CEO during the period under investigation, has been accused of conspiracy, alleged misappropriation of society funds and criminal misconduct. The chargesheet represents the investigating agency's allegations, which remain subject to judicial proceedings.
Who Has Been Chargesheeted?
The chargesheet names Navneet Srivastava, Vipam Consultancy Pvt Ltd and the company's director, who is Srivastava's wife.
The CBI has alleged that the accused were involved in a conspiracy relating to CREST funds. The agency has also alleged that Srivastava abused his position as a public servant and received illegal gratification.
The investigation follows Srivastava's earlier arrest by the CBI in connection with the case. Reports from June said the alleged fraud involved approximately ₹75 crore from CREST's bank accounts maintained with IDFC Bank in Chandigarh.
CBI Alleges Misappropriation and Financial Irregularities
The chargesheet reportedly includes allegations relating to criminal conspiracy, breach of trust, cheating, forgery, destruction of evidence and the use of allegedly forged documents.
The investigation also covers alleged offences under anti-corruption laws. The CBI took over the CREST investigation from the Chandigarh administration as it examined the movement of funds and the alleged roles of different individuals and entities.
According to the source report, Vipam Consultancy allegedly received approximately ₹95 lakh from funds under investigation. The CBI has alleged that the money was subsequently used for acquiring immovable property.
Investigation Examines Banking Transactions
A significant part of the investigation concerns transactions conducted through an IDFC First Bank account associated with CREST.
The CBI has examined how the account was opened and how transactions were subsequently authorised. The agency has alleged that banking controls were misused to process disputed debit transactions.
The investigation reportedly also examined several cheques bearing signatures attributed to CREST officials. According to the source material, the concerned officials disputed the authenticity of those signatures.
The alleged transactions and banking activity form part of the wider investigation into how CREST funds were transferred and where the money ultimately went.
Case Linked to Wider Banking Fraud Investigation
The CREST matter has also been linked in the source report to a broader investigation involving an IDFC First Bank branch in Chandigarh.
That wider case concerns alleged diversion of approximately ₹504 crore belonging to several Haryana government departments and organisations through allegedly fraudulent fixed deposits and debit transactions.
The CBI has separately investigated another case involving Chandigarh's Smart City and Municipal Corporation, where the agency has alleged financial wrongdoing involving approximately ₹78 crore.
These cases remain subject to investigation, and the CBI is continuing to examine the fund trail and the possible involvement of additional persons.
Why the Case Matters for Financial Controls
The CREST case highlights the importance of strong internal controls when public funds are handled through government bodies and banking systems.
Independent verification of transactions, proper authorisation procedures, accurate financial records and effective oversight can help organisations identify irregularities at an early stage. Strong financial governance is particularly important when large-value transactions involve multiple officials, accounts and institutions.
For businesses and organisations, professional auditing services in india can support stronger financial controls, documentation and compliance practices.
Investigation Continues
The filing of the chargesheet represents a significant step in the CBI's investigation, but it does not by itself establish the guilt of the accused. The allegations will be examined through the judicial process.
The agency is continuing to trace the alleged fund movement and investigate other aspects of the CREST and related banking cases.