Deepfake scam rattles Sky Gold as subsidiary suffers Rs 11 crore loss after unauthorised fund transfer

Shares of Sky Gold and Diamonds declined 3% to Rs 603 on the BSE on Friday after the company disclosed that its subsidiary, Starmangalsutra Private Limited (SPL), suffered a financial loss of approximately Rs 10.70 crore due to a fraud involving the unauthorized compromise of a company-issued mobile phone and laptop used by an employee.

The company said the fraud was carried out using advanced deepfake techniques, including profile cloning and coercion, which led to unauthorised fund transfers.

How did this happen?

According to the disclosure, unknown persons gained unauthorised access to a company-issued mobile phone and laptop and impersonated one of the subsidiary's directors. Believing the instructions to be genuine, an employee processed certain fund transfers from the subsidiary's bank account to unknown bank accounts. Subsequent verification confirmed that the director had not issued any such instructions.


Following the discovery of the incident, the subsidiary immediately reported the matter to the National Cyber Crime Helpline and the jurisdictional Cyber Crime Police Station. It also initiated the necessary steps with its bankers to trace and freeze the beneficiary accounts in an effort to maximise the chances of recovering the funds.

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Sky Gold said both the company and its subsidiary are fully cooperating with the banks and the relevant authorities. They are also taking all necessary legal and operational steps to recover the funds and safeguard their interests.

The company said the incident came to light on July 15, 2026. It added that the disclosure was made after a brief delay as it required time to verify the facts and coordinate with the banks and the authorities.

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Based on the information available so far, Sky Gold said there is no indication of any breach or compromise of the company's or the subsidiary's IT systems, network infrastructure, customer data, or employee databases. The company added that the incident appears to be limited to the unauthorised compromise of a company-issued mobile phone and laptop, and the misuse of communication channels.

Sky Gold share price performance

Sky Gold shares have delivered strong returns across multiple timeframes. The stock has surged 88% so far in 2026 and gained around 20% over the past month. Over the last six months, it has rallied more than 100%, making it a multibagger during the period. Over the past five years, the stock has soared more than 2,600%.

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