CBI Arrests Former CREST Chandigarh CEO Navneet Srivastava in ₹75 Crore Fund Misappropriation Case

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The Central Bureau of Investigation (CBI) has intensified its probe into the alleged ₹75 crore misappropriation of funds at the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) with the arrest of Navneet Srivastava, the organisation’s former Chief Executive Officer and a senior Indian Forest Service (IFS) officer.

The arrest marks a significant development in a case that has raised serious questions about financial oversight, accountability, and the handling of public funds within one of Chandigarh’s key government-backed institutions. Investigators allege that a large amount of money was siphoned from CREST accounts through a network of shell companies before being routed to private entities linked to individuals associated with the accused.

According to the CBI, Srivastava was taken into custody following an investigation into suspicious transactions involving CREST’s accounts maintained with IDFC Bank. The agency claims that funds earmarked for official purposes were allegedly diverted through multiple layers of financial transactions designed to conceal their origin and destination.

Investigators have alleged that a portion of the diverted funds eventually reached a private company where Srivastava’s wife and a close relative are listed as directors. The agency is examining whether these transactions were part of a larger conspiracy aimed at misusing government resources for personal gain.

A special court has remanded Srivastava to three days of CBI custody, giving investigators additional time to question him and examine financial records, digital evidence, and transaction trails that may reveal the full extent of the alleged fraud.

The latest arrest comes after months of scrutiny into CREST’s financial dealings. The organisation, which plays a crucial role in promoting renewable energy initiatives and scientific development projects in Chandigarh, has found itself at the centre of one of the city’s most closely watched corruption investigations.

CBI officials believe the alleged irregularities were not isolated incidents but part of a systematic scheme involving multiple individuals. Earlier in the investigation, former Project Director Sukhwinder Singh Abrol and Accountant Sahil Kukkar were arrested and later charge-sheeted by the agency. Their arrests had already indicated that investigators suspected the involvement of senior officials and insiders with access to financial systems and administrative processes.

Sources familiar with the investigation said the agency has been carefully tracing money trails, corporate records, and banking transactions to establish how funds moved from government-controlled accounts into private hands. Financial experts assisting the probe are reportedly examining whether shell companies were created solely to facilitate the movement of money and disguise the ultimate beneficiaries.

The case has attracted significant public attention because of the scale of the alleged misappropriation and the nature of the institution involved. CREST has long been associated with implementing renewable energy projects, energy conservation initiatives, and technology-driven development programmes. Any diversion of funds intended for such projects could potentially affect public services and undermine confidence in government-backed institutions.

Meanwhile, the arrest of a senior serving officer has added another dimension to the case. Anti-corruption experts say investigations involving high-ranking officials often become important tests of institutional accountability, particularly when allegations involve the misuse of taxpayer money.

Legal experts note that the CBI will now attempt to establish whether the alleged diversion of funds was carried out through deliberate planning and coordinated actions among multiple individuals. The agency is expected to examine company records, board structures, banking documentation, and communication records as part of its effort to determine the extent of responsibility of each accused person.

The investigation is also likely to focus on whether internal checks and financial safeguards within CREST failed or were deliberately bypassed. Such findings could have wider implications for governance standards and financial monitoring mechanisms in publicly funded organisations.

While the allegations remain under investigation and the accused have the right to defend themselves in court, the case has already emerged as one of Chandigarh’s most significant financial crime probes in recent years. With multiple arrests made and fresh custodial interrogation underway, investigators appear determined to uncover how a substantial amount of public money was allegedly diverted and who ultimately benefited from the transactions.

As the probe progresses, attention will remain firmly fixed on the evidence gathered by the CBI and whether it can establish a complete picture of the alleged ₹75 crore misappropriation that has shaken one of Chandigarh’s prominent public institutions.