Subsidiary loses about Rs. 10.70 Crore in cyber fraud using deepfakes
SKYGOLD · price
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Sky Gold and Diamonds subsidiary Starmangalsutra Private Limited lost about Rs. 10.70 Crore in a cyber fraud on 15 July 2026. Unknown persons used deepfake and profile cloning techniques to impersonate a subsidiary Director and tricked an employee into processing bank transfers from a company phone and laptop. The subsidiary filed a complaint with the cyber crime helpline and police, and is working with banks to trace and freeze the beneficiary accounts. The parent said no IT systems, customer data or employee databases were breached, and business operations continue without disruption.
Subsidiary hit with a Rs. 10.70 Crore fraud loss; recovery efforts underway with police and banks, parent operations unaffected.