CBI arrests former CREST CEO Navneet Srivastava in ₹75 crore fund diversion case

The Central Bureau of Investigation (CBI) on Thursday arrested Navneet Srivastava, a senior Indian Forest Service (IFoS) officer, in connection with the alleged misappropriation of funds belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). Srivastava served as the Chief Executive Officer of CREST at the time of the alleged offence.

CREST is a registered society under the Chandigarh Administration, tasked with promoting renewable energy, energy conservation, and science and technology initiatives in the Union Territory. It handles significant public funds for these purposes.

According to the CBI, during Srivastava's tenure, funds parked in three bank accounts of CREST at IDFC Bank, Chandigarh, were allegedly diverted to various shell companies. The agency stated that the funds were then converted for personal use by the beneficiaries, causing an estimated loss of approximately ₹75 crore to CREST.

The CBI further alleged that a portion of the proceeds of the crime was transferred into the account of a private company where Srivastava's wife and a close relative serve as directors. This suggests a direct personal link in the diversion, according to the investigators.

Earlier, the CBI had arrested two other CREST officials in this case: Sukhwinder Singh Abrol, the then Project Director, and Sahil Kukkar, the then Accountant. Both have been chargesheeted and are currently in judicial custody. Srivastava has been placed in CBI custody for three days for further interrogation.

The case was initially registered by the Economic Offences Wing of the Chandigarh Police before being transferred to the CBI for a comprehensive probe. The CBI has since filed a chargesheet against multiple accused, including five officials of the private bank involved, two CREST officials (other than Srivastava), two shell entities along with their partners or directors, and one private person. The investigation is ongoing, and the CBI is looking into all aspects of the fund diversion, including the role of other potential beneficiaries and bank officials.

The arrest marks a significant development in the case, highlighting the alleged misuse of public funds meant for renewable energy promotion. CREST has been instrumental in implementing solar energy projects and other green initiatives in Chandigarh, making the alleged misappropriation a matter of public interest. No statement has been issued by the accused or their representatives at the time of this report.