Punjab Newsline | Chandigarh
The Central Bureau of Investigation (CBI) has made a major breakthrough in what is being described as Chandigarh’s biggest financial scam by arresting former SHIKHA CEO and senior Indian Forest Service (IFS) officer Navneet Srivastava in connection with an alleged ₹83 crore IDFC fraud case.
The arrest has triggered significant concern within administrative circles. According to investigators, Srivastava was heading the Chandigarh Renewable Energy and Science & Technology Promotion Society (SHIKHA) when the alleged misuse of government funds took place.
CBI alleges that money from SHIKHA’s bank accounts was routed through multiple shell companies before being transferred to various entities in an attempt to conceal its origin.
The agency’s investigation has also revealed that a portion of the funds allegedly reached a private firm linked to Srivastava’s wife and a close relative.
Investigators suspect that the financial network was deliberately structured to hide the source of the money and complicate the transaction trail.
Officials estimate that the scam caused losses of around ₹75 crore to ₹83 crore to SHIKHA, while also exposing serious gaps in financial oversight and monitoring mechanisms. Srivastava is currently in CBI custody and is being questioned as part of the ongoing investigation.
The arrest is part of a wider CBI probe in which several bank officials and SHIKHA employees have already been taken into custody. With the investigation now reaching senior administrative levels, officials believe more high-profile names could emerge in the coming days.
The CBI has stated that the investigation is still underway and that financial documents, digital records, and banking transactions are being examined in detail. The agency has maintained that anyone found guilty will face strict legal action.
