Deepfake Impersonation Led to ₹10.70 Crore Fund Loss at Sky Gold Subsidiary
Unknown persons used deepfake techniques to impersonate a director of Sky Gold's subsidiary Starmangalsutra Private Limited, leading to unauthorised fund transfers of approximately ₹10.70 crore. The subsidiary reported the fraud to Indian cybercrime authorities and initiated recovery efforts with banks.
What happened
Unknown persons gained unauthorised access to a company-issued mobile phone and laptop and used advanced deepfake techniques, including profile cloning and coercion, to impersonate a director of Starmangalsutra Private Limited.
An employee, believing the instructions to be genuine, processed unauthorised fund transfers from the subsidiary's bank account to unknown accounts totalling approximately ₹10.70 crore. Subsequent verification confirmed the director had not issued such instructions.
Reported impact
Starmangalsutra Private Limited suffered a financial loss of approximately ₹10.70 crore due to the unauthorised fund transfers.
Sky Gold shares declined 3% to ₹603 on the BSE following disclosure of the incident.
Index analysis
The company reported no indication of breach or compromise of IT systems, network infrastructure, customer data, or employee databases, stating the incident appeared limited to unauthorised compromise of specific devices and misuse of communication channels.
Governance controls
Following discovery, the subsidiary immediately reported the matter to the National Cyber Crime Helpline and the jurisdictional Cyber Crime Police Station and initiated steps with bankers to trace and freeze beneficiary accounts.
Sky Gold stated both the company and subsidiary are fully cooperating with banks and relevant authorities and taking necessary legal and operational steps to recover funds and safeguard interests.
Classification
Sources and evidence
Sources not yet published
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