Case sky-gold-deepfake-directorDeepfake fraudIndia
Indian jeweller Sky Gold's unit loses Rs 10.7 crore to alleged deepfake of director
Fraudsters compromised a company phone and laptop and allegedly used deepfake impersonation of a director to get an employee to wire Rs 10.70 crore (~$1.1M) to unknown accounts.
HighAttack using AIStatus: Under investigationVerified case file
Open in the interactive mapCite this case
- Reported
- Jul 15, 2026
- Location
- India
- Target
- Starmangalsutra (Sky Gold and Diamonds)
- Severity
- High
- Triggered by
- Unidentified fraudsters
- Actor type
- Criminal
- Reported loss
- $1.1M
- CVE
- None
What happened
Fraudsters compromised a company phone and laptop and allegedly used deepfake impersonation of a director to get an employee to wire Rs 10.70 crore (~$1.1M) to unknown accounts.
Impact: Rs 10.70 crore (about USD 1.1 million) transferred to unknown accounts; Sky Gold share price dropped after disclosure
Who triggered it
Actor: Unidentified fraudsters
Attribution: Not publicly attributed; deepfake element reported by the company and press, not forensically confirmed
Motive: Financial fraud (business email/executive impersonation)
How it happened
Attack vector: Compromise of a company-issued phone and laptop, then deepfake impersonation of a director instructing an employee to transfer funds
Root cause: Payment instructions accepted on the basis of perceived executive identity without out-of-band verification; compromised corporate devices
Timeline
- Employee transfers Rs 10.70 crore to unknown accounts on fraudulent director instructions
- Sky Gold discloses the loss at subsidiary Starmangalsutra; shares fall
- Subsidiary files complaint with cybercrime authorities
Response
Complaint filed with cybercrime authorities; recovery status and arrests not publicly reported
Current status: Under investigation
Sources (open in a new tab)
- AI Incident Database (Economic Times) incidentdatabase.ai
- AI Incident Database entity page incidentdatabase.ai
Cite this case
Indian jeweller Sky Gold's unit loses Rs 10.7 crore to alleged deepfake of director. AI Threat Watch, case sky-gold-deepfake-director, Jul 15, 2026. https://aithreat.io/cases/sky-gold-deepfake-director/
Permanent link: https://aithreat.io/cases/sky-gold-deepfake-director/