NOIDA: A former financial consultant with an insurance firm was arrested at IGI Airport on Saturday for allegedly cheating a retired Army colonel of Rs 1.4 crore by collecting premiums from him for his policies but not depositing them.The accused, Vinay Chadha, had just landed from Dubai when he was nabbed at the airport. He had fled to Dubai two years ago, following which a lookout notice was issued against him. Vinay was arrested on a complaint by Colonel Ravinder Nath Pandit, who was 84 when he approached the police in March 2016. Six months later, he passed way.Pandit had alleged in his FIR that Vinay had persuaded him to open 23 different policies of HDFC Standard Life and Reliance between 2010 and 2016, with the maturity period extending to as far as 2030 for the elderly man. Having worked with him for years, Vinay had earned Pandit's trust. He would meet the elderly man every time he came out of the bank after withdrawing his pension and persuade him to pay the premium either through cash or cheque. In total, Pandit gave Vinay Rs 1.4 crore over the years, which were never deposited in the accounts.The accused had been "de-recognised" by HDFC three to four years before Pandit lodged the complaint, but he continued to collect premiums from the elderly man, who was totally unaware of the development.The FIR mentioned that Vinay took advantage of Pandit's old age and the fact he lived alone. Pandit's wife had expired long back and he stayed alone at his Sector 14 home. His elder son is based in Pune and his younger son, Colonel Sanjeev Pandit, is in the Army and has a transferable job. Manoj Pant, SHO of Sector 20 police station, said Vinay had flown to Dubai and stayed there for two years. "He might have come back thinking the case would have been closed," the officer said.

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