IPO-bound Skyways Air Services Ltd, a Delhi-based air freight forwarding and logistics company, is under scrutiny for an alleged Rs 480 crore fraud. The FIR, filed by UK-based PG Paper Company Limited with the Delhi Wing of the Economic Offences Wing (EOW), implicates nine firms and individuals, including Skyways Air Services Ltd. The complaint cites violations under various acts, including the Prevention of Money Laundering Act and the Foreign Exchange Management Act.
The subsidiaries of the Skyways Group, particularly Brace Port Logistics Ltd and Skyways Airways Ltd, are accused of playing a central role in the purported fraud. PG Paper Company Limited, engaged in international paper and packaging trade, alleges that these companies, along with their directors, orchestrated the misconduct. The complaint highlights the involvement of Mr. Lokesh Chopra, who, as the Global Freight Procurement Manager of PG Paper, recommended the accused companies as freight forwarding vendors.
Skyways Air Services Ltd, which has filed for an IPO, clarified that the FIR was not part of its draft red herring prospectus. The company stated that it is addressing the legal matter through appropriate channels and that the case is pending with the relevant authority. Meanwhile, PG Paper Company Limited claims that the scheme involved collusion, fraud, and deliberate manipulation of shipment bookings, resulting in substantial losses for the company.
