Incident Summary

Starmangalsutra Private Limited (SPL), a subsidiary of Sky Gold and Diamonds Limited, has suffered a financial loss of approximately ₹10.70 Crore (Rupees Ten Crore Seventy Lakhs only) due to a cyber fraud incident. The fraud involved unauthorized compromise of a company-issued mobile phone and laptop used by an employee through advanced deep-fake methodologies including profile cloning and coercion.

Incident Mechanism

Unknown persons gained unauthorized access to the company-issued phone and laptop to impersonate one of the Subsidiary's Directors. An employee processed fund transfers from the Subsidiary's bank account to unknown bank accounts based on instructions believed to be genuine from the impersonated director. Subsequent verification confirmed that no such instructions had been issued by the concerned Director.

Response Actions

Upon discovery of the incident, the Subsidiary immediately:

  • Reported the matter to the national cyber-crime helpline
  • Filed a report with the jurisdictional Cyber Crime Police Station
  • Initiated actions with its bankers to trace and freeze the beneficiary accounts to maximize recovery possibilities

The Company and Subsidiary are fully cooperating with banks and relevant authorities and taking all necessary legal and operational steps to recover the funds and protect their interests.

Timeline

The incident came to light on 15 July 2026. A short delay in disclosure occurred due to the time required to verify facts and coordinate with banks and authorities.

Impact Assessment

Based on available information:

  • No indication of any breach or compromise of the Company's or Subsidiary's IT systems, network infrastructure, customer data or employee databases
  • The incident appears limited to unauthorized compromise of a company-issued mobile phone and laptop and misuse of communication channels
  • Business operations of both Company and Subsidiary continue without any material disruption

Preventive Measures

The Company and 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.