Chandigarh, September 11, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) has filed a chargesheet against an Indian Forest Service (IFoS) officer, his wife and a company in connection with the alleged misappropriation of ₹75.4 crore from official funds held in accounts with IDFC First Bank in Chandigarh.
The chargesheet names Navneet Srivastava, the then Chief Executive Officer of the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), his wife, and Vipam Consultancy Pvt. Ltd., where she served as a director. Srivastava is already in judicial custody following his arrest in the case.
According to the CBI, Srivastava allegedly entered into a criminal conspiracy with the other accused while serving as CREST CEO, misappropriated public funds and received illegal gratification by abusing his position as a public servant.
The accused have been charged under provisions relating to criminal conspiracy, destruction of evidence, criminal breach of trust, cheating, forgery and use of forged documents as genuine under the Bharatiya Nyaya Sanhita. Charges under the Prevention of Corruption Act, including bribery, criminal misconduct and abetment, have also been invoked.
The agency said its investigation found that Vipam Consultancy received ₹95 lakh from the allegedly defrauded funds and subsequently used the money to acquire immovable property. The company and its director have been chargesheeted for allegedly abetting the offences and participating in the criminal conspiracy.
The CBI had taken over the CREST case from investigating agencies in the Union Territory of Chandigarh. Friday’s chargesheet follows chargesheets already filed against 13 other accused in the case.
The CREST case is linked to a larger banking fraud involving the Sector-32 branch of IDFC First Bank in Chandigarh. In a related Haryana case, government funds amounting to around ₹504 crore belonging to eight departments and organisations were allegedly siphoned off through forged and non-existent fixed deposits and fraudulent debit transactions.
The CBI took over the Haryana case from the State Vigilance and Anti-Corruption Bureau at the request of the state government and has so far chargesheeted 37 accused.
The agency has also taken over a third case concerning Smart City/Chandigarh Municipal Corporation funds. A chargesheet has been filed against seven accused for allegedly defrauding the Municipal Corporation of ₹78 crore.
The CBI said investigations in all three cases are continuing to trace the complete fund trail and identify other persons who may have been involved. The agency said it remains committed to bringing those responsible to justice and tracing the proceeds of the alleged financial crimes.
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