New Delhi, Feb 14 (NationPress) - IPO-focused Skyways Air Services Ltd, a logistics and air freight forwarding enterprise based in Delhi, has come under scrutiny due to an FIR lodged with the Delhi Wing of the Economic Offences Wing (EOW). This action was initiated by the UK-based PG Paper Company Limited regarding an alleged "extensive fraud" amounting to Rs 480 crore involving nine entities, including Skyways Air Services.

The FIR, accessed by IANS, indicates that the UK firm has lodged a complaint against nine alleged offenders, including companies and individuals linked to Skyways Air Services. The allegations involve violations under the Bhartiya Nyay Sanhita, 2023 (BNS), The Prevention of Money Laundering Act, 2002 (PMLA), and The Foreign Exchange Management Act, 1999 (FEMA).

The complaint specifies that subsidiaries of the Skyways Group, particularly Accused No. 2 and 3 (Brace Port Logistics Ltd and Skyways Airways Ltd), played critical roles as the main beneficiaries of the alleged fraudulent activities.

PG Paper Company Limited, engaged in the global trade and distribution of paper and packaging products, utilized cross-trade shipments and enlisted RPK Consultants from New Delhi for logistical support.

According to the FIR, all accused entities and their directors were introduced to the complainant by Accused No. 1, Mr. Lokesh Chopra, then serving as the Global Freight Procurement Manager at PG Paper through RPK Consultants. Based on his recommendation, these firms were enlisted as freight forwarding vendors.

However, Chopra, entrusted with obtaining competitive freight rates, allegedly "violated his fiduciary responsibilities" and colluded with the accused companies and their directors to execute a large-scale fraud, leading to significant losses estimated at Rs 4,80,00,00,000 (approximately Four Hundred Eighty Crores).

Skyways Air Services Ltd, which has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) in pursuit of raising capital through an IPO, stated that this FIR was not in existence at the time of the DRHP's submission. The company confirmed that the details would be addressed in the final Red Herring Prospectus.

The firm emphasized that this legal issue is presently with the relevant authorities and that they are exploring potential legal avenues, with the matter being sub judice.

Skyways Air Services Ltd has previously conducted a pre-IPO placement of 40,19,326 equity shares of a face value of Rs 10 each at a price of Rs 120 per share, aggregating to Rs 4,823.19 lakhs on August 6, 2025, which will subsequently reduce the size of the fresh issue.

As per PG Paper Company Limited, the case purportedly involves a systematic scheme aimed at defrauding the company by Accused No. 1 (Mr. Lokesh Chopra) in collaboration with the directors and other key managerial staff of the accused companies.

This alleged scheme included collusion, fraud, misrepresentation, bribery, embezzlement, anti-competitive practices, and the intentional destruction of evidence. Furthermore, the directors, in connivance with one another and with Accused No. 1, are accused of manipulating shipment bookings, diverting business opportunities, and charging the complainant exorbitant rates for services that could have been secured at much lower, commercially viable costs, resulting in substantial losses for the complainant.