Chandigarh, Oct. 7 -- A local CBI court on Tuesday dismissed the regular bail plea of former Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) CEO and Indian Forest Services officer Navneet Kumar Srivastava, observing that prima facie material on record indicated at his active role in the diversion of government funds.

Special judge Bhawna Jain, while rejecting the plea, noted that the case involved unauthorised transactions of around Rs.205 crore from CREST accounts, of which Rs.130 crore had been received back, leaving an assessed loss of Rs.75 crore, excluding interest.

Srivastava, who has been in custody since June 17, is facing CBI charges in a case involving alleged fraudulent banking transactions, for...