Chandigarh, March 13: The Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST) has denied reports of maintaining a fixed deposit with IDFC First Bank, asserting that no financial irregularities have been detected in its accounts. The clarification follows media reports alleging fraudulent activities involving certain government accounts.
Officials stated that the organization completed its financial audit through March 31, 2025, and had already reconciled accounts up to November 2025. According to CREST, the body sought formal confirmation of balances in its three bank accounts via a letter dated February 23. The bank subsequently affirmed on February 24 that the balances matched the society’s internal cash books.
The organization declared that a balance confirmation certificate issued by the bank on February 25 verified that all funds remained intact. CREST maintained that neither the society nor the Chandigarh Administration suffered any financial loss during the period in question.
Despite the verification of funds, a committee established by the Chandigarh Administration is currently examining whether any procedural lapses occurred. CREST affirmed its full cooperation with the inquiry and stated it has provided all necessary records to the investigators.
In accordance with a February 25 advisory from the Finance Department, CREST transferred its holdings from IDFC First Bank to Punjab National Bank on February 27. The society noted that the final findings of the administration’s committee are still awaited.
