CREST Fund Diversion Case: 13 Chargesheeted, Including IDFC First Bank officials

The Central Bureau of Investigation (CBI) on Tuesday filed its first chargesheet in the alleged Rs 75.34 crore fund misappropriation case linked to the Chandigarh Renewable Energy Science & Technology Promotion Society (CREST).

CBI Headquaters

New Delhi: The Central Bureau of Investigation (CBI) on Tuesday filed its first chargesheet in the alleged Rs 75.34 crore fund misappropriation case linked to the Chandigarh Renewable Energy Science & Technology Promotion Society (CREST).

The chargesheet was filed before the Special CBI Court in Chandigarh against 13 accused, including officials of IDFC First Bank, public servants associated with CREST and private individuals allegedly involved in the fraud.

Five Bank Officials, Two CREST Officials Among Accused

According to the CBI, the chargesheet names 13 accused persons comprising:

• Five officials of IDFC First Bank
• Two public servants from CREST under the Chandigarh UT Administration
• Two shell entities
• Four private individuals

All accused are currently in judicial custody.

Charges Include Corruption, Cheating and Criminal Conspiracy

The accused have been charged under various provisions related to:

• Criminal Conspiracy
• Criminal Breach of Trust
• Cheating
• Forgery
• Destruction of Evidence
• Prevention of Corruption Act, 1988

The agency alleged that government funds were siphoned off through a criminal conspiracy involving bank officials, public servants and private individuals.

Rs 75.34 Crore Allegedly Diverted From CREST Accounts

According to the investigation, government funds amounting to Rs 75.34 crore were allegedly misappropriated from CREST bank accounts by IDFC First Bank officials in collusion with CREST officials.

The siphoned funds were subsequently routed through various channels and allegedly diverted with the assistance of private individuals and shell entities, who are believed to have benefited from the proceeds.

More Chargesheets Likely

The CBI said the investigation remains ongoing and additional chargesheets are expected to be filed as more evidence emerges.

Officials indicated that the probe is examining the wider network involved in the alleged financial irregularities and fund diversion.

Part of Larger Multi-State Financial Fraud Investigation

The CREST case is one of three major financial fraud investigations taken over by the CBI.

The agency had earlier assumed control of:

• A case from the State Vigilance and Anti-Corruption Bureau, Haryana, involving eight government departments.
• Two cases from Chandigarh UT's Economic Offences Police Station related to Chandigarh Smart City Limited and CREST.

The CBI has already filed:

• Two chargesheets against 17 accused in the Haryana case.
• One chargesheet against seven accused in the Chandigarh Smart City case.
• The latest chargesheet against 13 accused in the CREST case.

CBI Reiterates Commitment to Anti-Corruption Drive

The agency stated that it remains committed to conducting a thorough, impartial and time-bound investigation into corruption and financial crimes.

The CBI said efforts are underway to ensure that all individuals responsible for the alleged misappropriation of public funds are brought to justice.