According to the agency, Srivastava was serving as Chief Executive Officer of CREST during the period under investigation. He was produced before a special CBI court in Chandigarh, which remanded him to three days of police custody for further questioning.

The CBI alleges that funds deposited in three CREST accounts maintained with a private bank in Chandigarh were fraudulently diverted through multiple shell companies before being used for personal gain.

Investigators claim the alleged fraud caused a loss of approximately ₹83 crore to CREST. The agency is examining financial transactions that took place while Srivastava headed the organisation.

During the probe, officials reportedly found that a portion of the allegedly misappropriated funds was transferred to the account of a private company linked to Srivastava’s family. The company is said to have listed his wife and a close relative as directors.

The case has already led to the arrest of former CREST Project Director Sukhwinder Singh Abrol and accountant Sahil Kukkar. Both have been charge-sheeted and remain in judicial custody.

The CBI had earlier taken over the investigation from Chandigarh Police’s Economic Offences Wing. The agency has already filed its first charge sheet against 13 accused, including five officials of a private bank, two government employees associated with CREST, two shell companies, their directors or partners, and another private individual.

The investigating agency said further inquiries are underway and that all individuals found responsible for the alleged financial irregularities will face legal action.

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