In a bombshell development, Delhi Police’s Economic Offences Wing has registered an FIR against IPO-aspirant Skyege Air Services Limited over an alleged Rs 480 crore fraud orchestrated by a network of nine companies. The complainant, UK firm PG Paper Company Limited, points fingers at Skyege’s group entities for a web of deceit in freight services.
Detailed in the FIR, the scam unfolded when PG Paper outsourced logistics support to RPK Consultants in New Delhi. Lokesh Chopra, acting as their freight manager via RPK, allegedly introduced dubious firms like Skyege, Breeze Port Logistics, and Skyege Airways. These entities, led by their directors, became central to the fraud.
Chopra is accused of abusing his authority to favor these companies, engineering overpriced shipments and sabotaging competitive bidding. The result? PG Paper suffered enormous financial hits through inflated costs for services available at market rates elsewhere. The plot reportedly involved anti-competitive practices, evidence tampering, and outright bribery.
Legal charges invoke major statutes: BNS 2023 for criminal breach, PMLA 2002 for money laundering, and FEMA 1999 for forex violations. PG Paper describes it as a ‘meticulously planned conspiracy’ to defraud them.
Skyege, pushing ahead with its SEBI-filed DRHP for public listing, downplayed the issue. ‘The FIR post-dates our DRHP submission,’ it clarified. ‘We’ll disclose it in the RHP. Legal proceedings are ongoing, and we’re considering all remedies.’ The firm recently mopped up Rs 48.23 crore in a private placement, signaling strong pre-IPO momentum—now under a cloud.
This case spotlights risks in global supply chains, where trusted intermediaries can turn rogue. For Skyege, the fraud allegations could spook investors and regulators alike, potentially reshaping its IPO trajectory. Stakeholders await clarity as probes deepen.