CREST Denies Financial Irregularities Amid IDFC First Bank Fraud Allegations

Following allegations of fraudulent transactions involving IDFC First Bank and government-linked accounts, Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST) denied holding any fixed deposit with the bank and reported no financial irregularities in its accounts. CREST's audits up to March 2025 and reconciliations up to November 2025 found no losses. After media reports on February 22, CREST transferred funds to Punjab National Bank and is cooperating with a Chandigarh Administration committee investigating procedural lapses. A criminal case naming bank employees was registered on March 12.