Ex-agent of in­sur­ance firm held at IGI for 1.4cr fraud

The Times of India (New Delhi edition) - - TIMES CITY - Shikha.Salaria@ times­group.com

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 “dere­cog­nised” 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 Sec­tor14 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.

Vi­nay Chadha

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