The Central Bureau of Investigation has lodged a charge sheet against IFoS officer Navneet Srivastava and two others in the Chandigarh‑based CREST‑IDFC fraud, alleging a ₹75.4 crore scam. The accused face multiple charges including criminal conspiracy, fraud, and corruption.
- CBI files charge sheet against Navneet Srivastava and two co‑accused
- Alleged fraud totals approximately ₹75.4 crore
- Case involves misappropriation of government funds, IDFC First Bank and Smart City projects
Background of the Case
Navneet Srivastava, an Indian Forest Service (IFoS) officer who was also serving as the CEO of the Renewable Energy and Science & Technology Promotion Society (CREST), is accused of exploiting his official position to siphon funds from IDFC First Bank. The investigation reveals a massive financial irregularity amounting to about ₹75.4 crore.
Accused and Allegations
The charge sheet lists four individuals: Navneet Srivastava (IFoS officer), the private firm Vepam Consultancy Pvt Ltd, its director, and an additional conspirator. The CBI alleges they engaged in criminal conspiracy, evidence tampering, fraud, forgery, and the use of forged documents, alongside violations under the Prevention of Corruption Act.
Misappropriated Funds and Their Use
According to the probe, Vepam Consultancy received roughly ₹95 lakh, which was later used to purchase immovable property. Additionally, the investigation points to a larger scheme involving the misappropriation of about ₹504 crore of Haryana government funds across eight departments.
Why This Matters
BozokMedia analysis shows that the scale of financial misappropriation in the CREST‑IDFC case underscores systemic vulnerabilities in the oversight of government‑linked funds, potentially eroding public trust in both state institutions and private consultancy firms.
"Such high‑value frauds highlight the urgent need for stricter audit mechanisms and real‑time monitoring of public fund disbursements," says financial crime expert Dr. Ritu Sharma.
Historical Background
Chandigarh has previously seen several high‑profile fund misuse cases, including irregularities in the Smart City project and municipal corporation finances. CBI’s involvement in those investigations led to more than 13 charge sheets, highlighting persistent gaps in fiscal oversight at the state level.
Frequently Asked Questions
Q1: What specific charges does Navneet Srivastava face?
A: He is charged with criminal conspiracy, fraud, forgery, use of forged documents, and offences under the Prevention of Corruption Act.
Q2: What is the scope of CBI’s investigation in this case?
A: CBI is conducting a comprehensive financial audit, tracing the fund flow, and identifying any additional collaborators or beneficiaries of the misappropriated money.
