Sky Gold Subsidiary Loses ₹10.7 Cr in Fraud Incident

Sky Gold And Diamonds Ltd announced that its subsidiary, Starmangalsutra Private Limited, has incurred a financial loss of approximately ₹10.70 Crore due to a fraud incident. The fraud involved the unauthorized compromise of a company-issued mobile phone and laptop, where deep-fake methodologies were used to impersonate a director and induce fund transfers to unknown accounts. The subsidiary has reported the incident to cyber-crime authorities and is working with banks to recover the funds. The company stated that its IT systems and data remain secure, and business operations are unaffected. They are strengthening internal controls to prevent future occurrences.