Scammers used AI voice cloning and executive impersonation to steal about €95 million ($108 million) from an Italian bank after convincing senior officials that the money was needed for a secret acquisition, according to court records and reporting on the investigation.
The target was Fideuram, the private banking arm controlled by Intesa Sanpaolo, and the scheme centered on its then-chairman, Paolo Molesini.
The fraud began on Feb. 23, 2026, when Molesini received a WhatsApp message from someone claiming to be Intesa Sanpaolo CEO, Carlo Messina. The message said Fideuram needed to handle a highly confidential international bank acquisition.
Molesini was then contacted by someone who appeared to speak with the voice of Paolo Nastasi, a lawyer he knew and the managing partner of A&O Shearman Italy. Investigators and Italian media reported that Nastasi’s voice had been reproduced using artificial intelligence. Nastasi was not involved in the transaction.
How AI voice cloning helped scammers steal from an Italian bank
The operation went beyond a single fake call. Molesini received legal-looking documents, including a confidentiality agreement and what appeared to be a special power of attorney signed by Messina.
An Italian bank was tricked into sending about $108 million after scammers used AI to impersonate a CEO and a lawyer.
The target was Fideuram, the private banking arm of Intesa Sanpaolo. Reuters, citing sources, said it started in February 2026. Then chairman Paolo Molesini got… pic.twitter.com/Otazf0Vb1q
— Davian (@dhaevian) October 1, 2026
At the same time, Fideuram’s treasury function was reportedly contacted by someone impersonating the bank’s CEO and told to expect urgent, confidential transfer instructions from Molesini.
Between Feb. 23 and Feb. 25, Fideuram sent 11 transfers totaling about €95 million ($108 million) to foreign accounts. Some of the money went through Portugal, China, and Hong Kong. The fraud was uncovered after the real Fideuram CEO contacted Molesini, who then checked directly with Messina. Messina said he had never requested the transaction.
Fideuram and authorities moved quickly to stop or recover the funds. Reuters reported that about €53 million ($60 million) had been recovered, while other court-based reporting said roughly €42 million ($48 million) was stopped in China, and more than €13 million ($15 million) was frozen in Portugal.
Public accounts later put the unrecovered amount at about €36 million to €39.5 million ($41 million to $45 million), depending on the stage of the investigation.
Recovery efforts leave tens of millions unaccounted for
Intesa Sanpaolo said its computer systems were not breached, making the case primarily a social-engineering fraud rather than a conventional cyberattack. Milan prosecutors and Carabinieri investigators have been tracing the money across several countries and into cryptocurrency.
A 48-year-old Israeli national was identified in court-linked reporting as a suspect, although investigators were also examining whether the identity itself was genuine. Molesini was treated as a victim of the fraud and was not accused of taking part in it.
He resigned from Fideuram in March, with the bank saying he left “for personal reasons.” No public evidence has established that his departure was caused by the scam.
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