Milan. Cyber fraudsters allegedly used artificial intelligence to imitate the voices and identities of senior executives and stole €95 million, or around ₹1,037 crore, from Fideuram, the private banking arm of Italy’s largest bank, Intesa Sanpaolo. According to two sources familiar with the matter, more than half of the stolen funds were later recovered, but around €36 million, or approximately ₹393 crore, remains untraced.
The alleged scheme began in February, when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message that appeared to have been sent by Intesa Sanpaolo CEO Carlo Messina. The message sought urgent assistance with an overseas transaction. Believing the message to be genuine, Molesini treated the request as an official and urgent instruction.
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The fraudsters then made a phone call to make the request appear more credible. According to the sources, the caller claimed to be a senior partner at a prominent law firm and confirmed the instructions received through WhatsApp. The callers allegedly used AI technology to replicate the lawyer’s voice. The combination of the apparently genuine message and the AI-generated voice reportedly helped convince the Fideuram chairman that the request was legitimate.
Believing the instructions to be genuine, Molesini directed Fideuram’s finance department to make a series of transfers to foreign accounts. According to the sources, most of the money was sent to bank accounts in China and Hong Kong. The fraudsters allegedly created the impression that they were acting on behalf of senior bank executives and external legal advisers, adding urgency to the payment process.
Fideuram detected irregularities in the transfers shortly afterward. The bank then alerted relevant banks and authorities in several countries. Through an international investigation and cooperation between authorities in China, Portugal and Italy, around €53 million (₹578 crore) was subsequently recovered. The coordinated response helped authorities trace and retrieve a substantial portion of the money transferred in the alleged fraud.
However, around €36 million (₹393 crore) remains untraced. According to the sources, the missing funds passed through a network of overseas accounts before being converted into cryptocurrencies. The movement of the money into digital assets has made it more difficult for investigators to establish its final destination. Authorities are now examining financial transactions and digital-asset trails to determine how the funds were allegedly moved after leaving the banking system.
Neither Molesini nor any other Fideuram executive is under investigation in connection with the case, the sources said. However, according to one source, Milan prosecutors have opened an investigation into a foreign national living outside Europe on suspicion of computer fraud. It is not yet clear what role the individual allegedly played in the scheme or whether the investigation will lead to additional suspects.
Molesini resigned as Fideuram chairman in March, citing personal reasons. At the time, no further explanation was publicly provided for his departure. Intesa Sanpaolo and Fideuram have declined to comment on the alleged fraud.
The case is not the first major financial fraud in Italy involving the use of AI-generated voices. Last year, fraudsters allegedly imitated the voice of an Italian minister and persuaded businessman Massimo Moratti to transfer nearly €1 million to an overseas account. The money was later recovered.
The latest case highlights the growing use of AI-based voice and identity impersonation in sophisticated financial scams. By combining apparently genuine messages, impersonated senior officials and AI-generated voices, fraudsters can create convincing scenarios designed to bypass normal verification procedures. The investigation will now focus on tracing the remaining funds, identifying those allegedly involved and establishing how the stolen money was moved and converted into cryptocurrencies.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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