The Central Bureau of Investigation (CBI) has arrested Navneet Srivastava, a senior Indian Forest Service (IFoS) official, in connection with the alleged misappropriation of funds belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).

The accused was the then Chief Executive Officer of CREST. During his tenure, funds parked in three bank accounts of CREST, maintained with IDFC Bank in Chandigarh, were allegedly diverted to various shell companies and converted for personal use by the beneficiaries, causing a loss of about ₹75 crore to CREST.

A part of the proceeds of alleged crime was also transferred into the account of a private company, where his wife and a close relative are directors, said the agency.

The then Project Director Sukhwinder Singh Abrol and Accountant Sahil Kukkar of CREST were earlier arrested in the case and have already been chargesheeted. While Mr. Srivastava is in three-day CBI remand, the other two are currently in judicial custody.

The CBI took over the investigation of the case from the Economic Offences police station, Chandigarh, and has filed a chargesheet against five officials of the private bank, two CREST officials, two shell entities along with their partners/directors, and a private person.