Sky Gold And Diamonds Ltd Subsidiary Reports Rs. 10.70 Crore Fraud Loss via Deep-Fake Methodologies
Sky Gold And Diamonds Ltd has reported a significant financial loss of approximately Rs. 10.70 Crore involving its subsidiary, Starmangalsutra Private Limited (SPL). The loss occurred following a fraud incident where unauthorized access was gained to company-issued mobile phones and laptops used by an employee.The fraudulent activity involved the use of advanced deep-fake methodologies, including profile cloning and coercion, to facilitate illegal fund transfers. Unknown individuals accessed the compromised devices to impersonate a Director of the subsidiary. Based on the instructions received through these compromised channels, an employee processed several fund transfers from the subsidiary's bank account to unknown accounts. Subsequent internal verification confirmed that no such instructions were ever issued by the concerned Director.
Incident Timeline and Response Actions
The incident was first identified on July 15, 2026. Following the discovery of the fraud, the subsidiary took immediate steps to mitigate the impact:
| Action Taken | Description |
|---|---|
| Reporting | Reported to national cyber-crime helpline and jurisdictional Cyber Crime Police Station |
| Banking Coordination | Initiated actions with bankers to trace and freeze beneficiary accounts |
| Recovery Efforts | Ongoing legal and operational steps to recover funds and protect interests |
The company confirmed that the incident is limited to the unauthorized compromise of a mobile phone, laptop, and the misuse of communication channels. There is currently no indication of any breach or compromise involving the broader IT systems, network infrastructure, customer data, or employee databases of either the Company or the Subsidiary.
Operational Impact and Future Measures
Management stated that the business operations of both the Company and the Subsidiary continue without material disruption. In response to the incident, the organization is reviewing its internal procedures and intends to implement the following measures:
- Strengthening employee awareness programs
- Enhancing verification protocols
- Improving internal control processes to mitigate future risks
The company continues to cooperate with banking institutions and relevant authorities to resolve the matter.
SKYGOLD Stock Price Movement
Shares of SKY GOLD AND DIAMONDS LIMITED today slipped by 0.87% to settle at ₹622.45. Despite the retreat, the stock notably reached its 52-week high during the session on a volume of 502,393 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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