IDFC First Bank Fraud Probe Leads to Charges Against IFS Officer, Wife, and Consultancy

In a high‑profile investigation, the Central Bureau of Investigation has issued a charge sheet naming former Indian Forest Service officer Navneet Srivastava, his wife, and Vepam Consultancy Private Limited for their alleged role in a ₹75.4 crore fraud tied to IDFC First Bank.

During the period in question, Srivastava served as the chief executive of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). The charge sheet alleges that he conspired with co‑accused to misappropriate government funds, engaged in fraudulent documentation, destroyed evidence, and breached trust.

The wife, acting as a director of Vepam Consultancy, is accused of facilitating the criminal conspiracy and helping to launder the proceeds. CBI investigators reported that the firm earned about ₹9.5 million from the fraudulent transactions and invested the sum in real‑estate assets.

The broader scheme involved the creation of bogus fixed deposits and manipulated debit transactions, which together diverted approximately ₹504 crore from eight Haryana state departments and agencies. The investigation was transferred to the CBI from the State Vigilance and Anti‑Corruption Bureau after a formal request by the Haryana government.

Srivastava is already under judicial custody. Earlier in the week, charge sheets were also filed against 13 other accused individuals, indicating the extensive nature of the banking fraud.