“…we wish to inform you that Starmangalsutra Private Limited (SPL or the “Subsidiary”), a subsidiary of the Company, has suffered a financial loss of approximately Rs 10.70 Crore (Rupees Ten Crore Seventy Lakhs only) arising from a fraud incident involving the unauthorised compromise of a company-issued mobile phone & laptop used by an employee.
This was done by using very advanced deep-fake methodologies like profile cloning & coercion to get the transfers done,” according to a stock exchange filing.
ALSO READ | Sky Gold shares surge 11% as Q3 earnings positive across parameters
The company said unknown persons gained unauthorised access to the employee’s company-issued phone and laptop to impersonate one of the subsidiary’s directors. Acting on instructions believed to be genuine, the employee processed fund transfers from the subsidiary’s bank account to unknown bank accounts. The company said subsequent verification confirmed that no such instructions had been issued by the concerned director.
Upon discovering the incident, the subsidiary reported the matter to the National Cyber Crime Helpline and the jurisdictional Cyber Crime Police Station. It also initiated action with its bankers to trace and freeze the beneficiary accounts to maximise the possibility of recovering the funds.
Sky Gold said it and its subsidiary are cooperating with banks and relevant authorities while taking legal and operational steps to recover the money and safeguard their interests. The company said the incident came to light on July 15, 2026, adding that disclosure was made after the time required to verify the facts and coordinate with banks and authorities.
ALSO READ | Sky Gold Q2 Results: Stock gains 4% after earnings, then falls 8% from the highs
Sky Gold also said there is currently no indication that the incident involved any breach or compromise of the company’s or the subsidiary’s information technology systems, network infrastructure, customer data or employee databases.
It added that the incident appears to be confined to the unauthorised compromise of a company-issued mobile phone and laptop and the misuse of communication channels arising from it.
The firm said business operations of both the company and its subsidiary continue without any material disruption. “The company and the subsidiary are reviewing the incident and will further strengthen employee awareness, verification protocols and internal control processes to mitigate the risk of similar occurrences in the future,” it added.
ALSO READ | Sky Gold Q2 Results: Stock gains 4% after earnings, then falls 8% from the highs
Shares of Sky Gold and Diamonds Ltd ended at ₹622.15, down by ₹7.75, or 1.23%, on the BSE.
First Published: Jul 16, 2026 4:29 PM IST
