AI voice clone and a fake WhatsApp CEO moved €95M out of Italy’s Fideuram, with at least €4M traced to two Bitcoin wallets

Fraudsters impersonating Intesa Sanpaolo’s chief executive on WhatsApp, and using an AI-cloned voice of a law firm partner, persuaded Fideuram to wire about €95 million abroad in February. Italian investigators recovered more than half, but €39.5 million is still missing, and at least €4 million passed through a Canadian transfer platform into two Bitcoin wallets.

The investigation highlights the growing challenges financial institutions face as criminals combine artificial intelligence, social engineering and cryptocurrency to execute large-scale fraud.

How the Fideuram AI scam tricked banking executives

The operation began on February 23, 2026, when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message from someone claiming to be Carlo Messina, chief executive of its parent company, Intesa Sanpaolo.

According to Italian news agency ANSA, the impersonator presented an urgent and confidential international banking acquisition that supposedly required Fideuram’s assistance. The fraudsters claimed Intesa Sanpaolo could not complete the transaction directly because a potential information leak might prompt Italy’s financial regulator, Consob, to block the deal.

The Fideuram AI scam subsequently escalated when another individual contacted Molesini, posing as Paolo Nastasi, a managing partner at international law firm A&O Shearman Italia.

Nastasi was familiar to Molesini but had no involvement in the fraudulent operation. Investigators believe the criminals used artificial intelligence to reproduce his voice, making the telephone conversation appear legitimate.

The fraudsters reinforced their deception with emails, legal documents and an apparent power of attorney bearing Messina’s signature. These materials helped establish the illusion of an authorized financial transaction.

The operation also involved a separate telephone call to Fideuram’s treasury and payments manager. The caller allegedly impersonated a senior company executive and reinforced the instructions for urgent transfers.

Between February 23 and February 25, the bank executed 11 international transfers totaling approximately €95 million, with substantial amounts sent to accounts in China and Portugal.

Where did the missing €39.5 million go?

Fideuram and international authorities managed to recover a significant portion of the transferred funds after the fraud was discovered.

According to ANSA, approximately €42 million sent to China was blocked and subsequently returned. Italian investigators also secured more than €13 million held at a Portuguese bank.

These recoveries brought the total recovered amount to approximately €55 million, although earlier reports provided slightly different figures.

Reuters reported on September 25 that approximately €53 million had been recovered, while around €36 million remained missing. Subsequent Italian court reporting placed the outstanding amount at €39.5 million.

The difference reflects figures reported at different stages of the investigation and recovery process.

However, investigators have established that at least €4 million passed through several international financial accounts before reaching cryptocurrency-related services.

According to Corriere della Sera, the money moved through accounts in Malta, Luxembourg and the Netherlands before passing through a Canadian money-transfer platform.

The funds were subsequently transferred into two Bitcoin wallets allegedly connected to an individual under investigation.

The Fideuram AI scam has therefore become an international financial investigation involving traditional banking transactions, payment platforms and cryptocurrency transfers.

Authorities are attempting to establish who controlled the wallets and whether the digital assets can be recovered. However, the available court information does not establish the ultimate destination of all the missing funds.

Who is under investigation in the Fideuram AI Scam?

Milan prosecutors are investigating a 48-year-old Israeli citizen suspected of participating in the fraudulent operation.

Italian media reports link the individual to accounts through which approximately €4 million passed before reaching the two Bitcoin wallets. However, authorities have not publicly established that the suspect personally organized the impersonation or controlled the entire operation.

Investigators are also verifying the individual’s identity and examining financial records obtained through international cooperation.

Meanwhile, Molesini is not under criminal investigation in connection with the fraud. He resigned as chairman of Fideuram and Intesa Sanpaolo Private Banking on March 12, 2026, citing personal reasons.

Tommaso Corcos subsequently assumed the chairman’s responsibilities. The bank’s announcement did not publicly attribute Molesini’s departure to the February incident.

The investigation continues as prosecutors seek additional information from financial institutions and cryptocurrency-related platforms in several jurisdictions.

AI-powered financial fraud raises new security concerns

The Fideuram AI scam is part of a broader pattern of increasingly sophisticated impersonation fraud targeting financial institutions.

Italian prosecutors are investigating other cases involving similar techniques. One reportedly involved a bank manager who authorized nearly €24 million in transfers after being deceived. Authorities subsequently recovered approximately €20 million.

Another investigation concerns a separate incident involving approximately €2 million. Prosecutors have not established that the cases involved the same criminal group.

The use of cloned voices and fabricated identities presents additional challenges for organizations that traditionally rely on telephone conversations and email confirmations to authorize financial transactions.

Cryptocurrency adds another layer of complexity because funds can pass through multiple wallets and international platforms, making ownership and recovery more difficult to establish.

Nevertheless, Bitcoin transactions are recorded on a public blockchain, potentially giving investigators transaction histories that can help trace the movement of funds. Identifying the individuals controlling particular wallets remains a separate challenge.

For Fideuram, the immediate priority is recovering the outstanding money and identifying everyone involved in the operation.

The Fideuram AI scam demonstrates how criminals can combine convincing digital impersonation with conventional financial procedures to move substantial sums across international borders. With €39.5 million still unaccounted for in the latest court figures, investigators continue to pursue financial records and cryptocurrency transactions to establish what happened to the missing funds.