New Delhi’s air freight and logistics firm Skyege Air Services Limited, gearing up for a high-profile IPO, has been hit with a major setback. A UK-based company, PG Paper Company Limited, has filed an FIR against it in Delhi’s Economic Offences Wing, alleging a staggering Rs 480 crore fraud involving nine companies, including Skyege.
The complaint, reviewed by news agencies, accuses Skyege and its affiliates, particularly Breeze Port Logistics Limited and Skyege Airways Limited, of orchestrating a sophisticated scam through their directors and key managerial personnel. Violations cited include the Bharatiya Nyaya Sanhita 2023, Prevention of Money Laundering Act 2002, and Foreign Exchange Management Act 1999.
PG Paper, engaged in international trade of paper and packaging products via cross-trade shipments, had hired New Delhi-based RPK Consultants for back-office support and logistics coordination. It was through RPK’s then Global Freight Procurement Manager, Lokesh Chopra—now Accused No. 1—that introductions were made to the alleged fraudsters.
Chopra, in a position of trust tasked with securing competitive freight rates, allegedly breached his duties by colluding with the accused companies. This led to manipulated shipments, inflated rates, and massive losses for PG Paper. Tactics included shipment booking manipulations, diverting business opportunities, and destroying evidence, all part of a ‘premeditated conspiracy’ involving collusion, misrepresentation, bribery, and embezzlement.
Skyege Air Services, which filed its Draft Red Herring Prospectus (DRHP) with SEBI for IPO funds, responded firmly. ‘This FIR did not exist at the time of DRHP filing,’ the company stated. ‘Details will be incorporated into the Red Herring Prospectus. The matter is pending with relevant authorities, and we are evaluating legal options.’
Notably, Skyege had already raised Rs 48.23 crore by issuing 40,19,326 equity shares at Rs 120 each on August 6, 2025, with the fresh issue size to be adjusted accordingly.
As investors eye Skyege’s public debut, this unfolding scandal raises serious questions about governance in India’s logistics sector. Will legal battles derail the IPO, or can Skyege navigate these choppy waters? The coming weeks will be crucial.