Home / Crime and Justice / IFoS Officer, Wife Charged in Rs 75 Cr CREST Fund Fraud
IFoS Officer, Wife Charged in Rs 75 Cr CREST Fund Fraud
11 Sep
Summary
- IFoS officer Navneet Srivastava and his wife charged in CREST fraud.
- Total fraud estimated at Rs 75.4 crore involving CREST and IDFC First Bank.
- Case linked to larger Haryana banking fraud involving Rs 504 crore.
The Central Bureau of Investigation (CBI) has filed a chargesheet against Indian Forest Service officer Navneet Srivastava, his wife, and a consultancy firm for their alleged involvement in a Rs 75.4 crore fraud. Srivastava, formerly the Chief Executive Officer of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), is accused of conspiring to misappropriate funds received through IDFC First Bank. The accused face charges including criminal conspiracy, breach of trust, and cheating.
Investigations revealed that a consultancy firm, M/s Vipam Consultancy Pvt. Ltd., and its director, Srivastava's wife, received Rs 95 lakh from the defrauded amount, which was later used for property acquisition. This CREST fraud case is linked to a broader Rs 504 crore Haryana government banking fraud, where funds were siphoned via forged fixed deposits and fraudulent transactions.
The CBI has now charged 16 individuals in the CREST matter, a significant increase from previous filings. The agency is also investigating a related Rs 78 crore Chandigarh Smart City project fraud. The investigations into all three cases are ongoing as the CBI works to trace the complete fund flow and identify any further individuals involved.
