CREST Fund Scam: CBI files first chargesheet, names 13 accused including IDFC First Bank officials

The Central Bureau of Investigation (CBI) has filed the first chargesheet in the alleged fund embezzlement case of Rs 75.34 crore related to Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST). This charge sheet was presented in the special CBI court located in Chandigarh. CBI has filed a charge sheet against a total of 13 accused in this case.

According to the information, 5 officials of IDFC First Bank, 2 government employees of CREST (Chandigarh Administration), 2 shell companies and 4 private individuals have been made accused in the charge sheet. According to the investigating agency, all the accused are currently in judicial custody.

According to CBI investigation, government funds amounting to Rs 75.34 crore were allegedly withdrawn from the bank accounts of CREST as part of fraudulent and criminal conspiracy. It is alleged that IDFC First Bank officials along with some CREST officials embezzled this amount. Later this money was transferred to many private individuals and institutions, who benefited from it.

In the charge sheet, charges like criminal conspiracy, criminal breach of trust, cheating, forgery, destruction of evidence have been leveled against the accused under various sections of the Indian Penal Code (IPC). Apart from this, cases have also been registered under the Prevention of Corruption Act, 1988.
CBI has said that the investigation of the case is still going on and additional chargesheets will be filed in future also. The agency is investigating the financial transactions, beneficiaries and the entire network.

CBI said that it had taken over the investigation of three similar cases related to fund embezzlement and financial irregularities. The first case was taken from Haryana State Vigilance and Anti-Corruption Bureau, which is related to eight departments of Haryana Government, while the second case is related to Chandigarh Smart City Limited. While the third case is from CREST Chandigarh.

In these cases, CBI has already filed two charge sheets against 17 accused in bank fraud cases related to 8 departments of Haryana Government. A charge sheet has been filed against 7 accused in the Chandigarh Smart City Project case. Now the first charge sheet has been filed against 13 accused in the CREST case.

CBI said that it is committed to impartial, thorough and prompt investigation of corruption and financial crimes. The investigating agency said that it will be ensured that all those found guilty in this case are brought under the ambit of law. CBI said that investigation in all three cases is still going on.