Rs 83-crore CREST scam: CBI probing money trail, role of more conspirators under scanner
The CBI said examination reports of digital devices seized from the accused are still awaited and could bring new facts to light
The Central Bureau of Investigation (CBI) has informed a special CBI court that further investigation into the alleged diversion of more than Rs 83 crore belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), deposited with IDFC First Bank, will remain open.
In the chargesheet filed before the court, the agency stated that it would continue investigating to identify other conspirators involved in the case and trace the complete money trail.
The CBI said examination reports of digital devices seized from the accused are still awaited and could bring new facts to light. The agency added that further investigation is required to establish the complete money trail, subsequent layering of funds, identification of ultimate beneficiaries, end-use of the diverted money, and its alleged conversion into cash, gold, immovable properties and other assets.
The agency is also probing the role of other public servants, private individuals and intermediary entities whose involvement in the conspiracy, diversion of funds, concealment of transactions or utilisation of the proceeds of crime may emerge during the course of further investigation.
The FIR in the case was initially registered by Chandigarh Police on March 12, 2026, alleging large-scale fraud through fraudulent banking operations and fictitious transactions that diverted CREST funds to shell entities in connivance with bank officials and public servants. The case was subsequently transferred to the CBI.
The chargesheet has been filed against Ribhav Rishi, Abhay Kumar, Seema Dhiman, Priyanka Bhatoa, Anuj Kaushal, Swati Singla, Ankur Sharma, Sukhwinder Singh Abrol, Project Manager, CREST, Sahil Kukkar, Accountant, CREST and certain companies.
According to the CBI, evidence collected during the investigation, including banking records, witness statements and seized documents, indicates that the accused acted in concert and in furtherance of a criminal conspiracy to dishonestly divert, conceal and misappropriate public funds belonging to CREST for unlawful pecuniary gain.
The investigation revealed that Ribhav Rishi, Abhay Kumar and Seema Dhiman were allegedly involved in the preparation, processing and use of forged debit notes, fabricated banking instructions and other false banking instruments that were used to execute fraudulent debit transactions from CREST accounts.
The CBI further alleged that the fraudulent transactions were processed through the bank's internal system by misusing the Maker-Checker mechanism. Ribhav Rishi, Seema Dhiman, Priyanka Bhatoa and Anuj Kaushal allegedly processed, checked and authorised several fraudulent debit transactions despite the absence of genuine supporting instructions and banking records.
The agency said funds diverted from CREST accounts were subsequently transferred to various entities through these allegedly fraudulent banking transactions.
