₹480 Crore Fraud Shock Before IPO, Skyways Air Services Faces EOW FIR

New Delhi: IPO-bound Skyways Air Services Ltd is facing serious allegations just ahead of its public issue. The Delhi Wing of the Economic Offences Wing (EOW) has registered an FIR based on a complaint filed by UK-based PG Paper Company Limited.

The complaint alleges a large-scale fraud of around ₹480 crore involving nine companies and individuals, including Skyways Air Services.

What the Complaint Says?

According to the FIR copy accessed by IANS, PG Paper has accused the companies and their directors of offences under the Bhartiya Nyay Sanhita (BNS), the Prevention of Money Laundering Act (PMLA), and the Foreign Exchange Management Act (FEMA).

The complaint claims that subsidiaries of the Skyways Group, especially Brace Port Logistics Ltd and Skyways Airways Ltd, played a key role in the alleged fraud.

It also names Mr. Lokesh Chopra, who was working as Global Freight Procurement Manager for PG Paper through RPK Consultants. The FIR alleges that Chopra misused his position and worked in collusion with the accused companies.

Allegations of Collusion and Overcharging

PG Paper has alleged that shipment bookings were manipulated and business opportunities were diverted. It claims that it was charged much higher freight rates than market prices.

The complaint further alleges fraud, bribery, misrepresentation, embezzlement, and even destruction of evidence.

Company’s Response

Skyways Air Services said that the FIR did not exist at the time it filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India.

The company stated that details of the FIR will now be included in the Red Herring Prospectus. It also said the matter is pending before authorities and it is exploring legal remedies.

Pre-IPO Fundraising

The company recently completed a pre-IPO placement of over 40 lakh equity shares at Rs 120 per share, raising about Rs 48.23 crore. It said the size of the fresh IPO issue will now be reduced accordingly.

The case is currently under investigation.