Tricity
CBI Arrests Ex‑CREST CEO in ₹75‑Crore IDFC Fraud Case
CBI arrested former CREST CEO Srivastava in the IDFC case, alleging ₹75 crore diversion from three accounts of the Chandigarh‑run renewable energy society.
The Central Bureau of Investigation has taken former CREST chief executive Srivastava into custody as part of the IDFC case, alleging that he diverted ₹75 crore from three accounts belonging to the society.
CREST operates under the Chandigarh administration and was established to promote renewable energy and science and technology initiatives. During Srivastava’s tenure, investigators say the alleged misappropriation took place, with funds being moved between accounts that were earmarked for specific projects.
The CBI’s filing alleges that the diversion violated the society’s charter and constitutes a criminal breach of trust. The arrest represents a key development in the ongoing probe, which focuses on the alleged misuse of public funds intended for green energy and technological advancement.
Authorities have confirmed the arrest but have not released further details about the investigation’s next steps. The case is expected to move to a judicial hearing where the charges and any potential penalties will be examined.
The incident underscores the importance of transparent financial management in public‑run institutions, particularly those tasked with delivering renewable energy solutions. It also highlights the role of central investigative agencies in addressing alleged malpractice within regional bodies.
Source: Hindustan Times
