The CBI arrested senior IFoS officer Navneet Srivastava, then CEO of CREST, in Chandigarh for a Rs 75 crore fund misappropriation case. Funds from CREST's bank accounts were allegedly diverted to shell companies for personal use.
The Central Bureau of Investigation (CBI) on Wednesday arrested Navneet Srivastava, a senior Indian Forest Service (IFoS) Officer, in connection with the fund misappropriation from the IDFC bank account, according to an official statement. The accused, who was the then CEO, Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), Chandigarh UT, has been produced before the Special Judge, CBI, Chandigarh and has been remanded to police custody for three days. The arrest was made after his role was revealed during the ongoing investigation in the case.
Details of the Fraud
Investigation revealed that funds parked in three bank accounts of CREST, maintained with IDFC Bank at Chandigarh, were fraudulently misappropriated into various shell companies and converted for personal use by the beneficiaries, causing a loss of approximately Rs 75 Crore to CREST, Chandigarh, while he was at the helm of affairs, the release said.
Diversion of Funds to Family
Investigation further revealed that part of the proceeds of crime was diverted into the account of a private company, where his wife and a close relative are the Directors.
Ongoing Investigation and Previous Arrests
As per the release, it was recalled that, the then Project Director Sukhwinder Singh Abrol and Accountant Sahil Kukkar of CREST, were earlier arrested in this case and have already been charge sheeted and they are presently in judicial custody. The release also mentioned that CBI had taken over the investigation of this case from the Economic Offences Police Station, Chandigarh.
CBI had recently filed the first charge sheet in this case against 13 accused persons, including five officials of the private bank, two public servants of CREST (Chandigarh UT Administration), two shell entities along with three partners/directors thereof, and one private person. All the accused persons are currently in judicial custody. The release asserted that CBI remains firmly committed to thorough, impartial and expeditious investigation and to ensure that all persons responsible are brought to justice. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)