September 29, 2026, 10:46 am | Read time: 2 minutes
A WhatsApp message and a subsequent call triggered a multimillion-dollar fraud at an Italian private bank. Criminals posed as high-ranking individuals and convinced a bank manager to initiate several overseas transfers. Although the bank quickly detected the fraud, a total of 95 million euros had already been transferred.
Fraudsters Clone Voice Using AI
The person affected was Paolo Molesini, who at the time chaired the board of Fideuram. As reported by the news magazine “Reuters,” he received a message on WhatsApp in February 2026, supposedly from Carlo Messina. Messina is the head of Intesa Sanpaolo, Fideuram’s parent company. In the message, the alleged company chief asked Molesini for assistance with a business deal abroad.
Shortly thereafter, a phone call followed. On the other end of the line was supposedly a partner from a well-known law firm, reinforcing the request. In reality, the fraudsters had imitated the voice using artificial intelligence. Molesini apparently believed the request was genuine and authorized several payments.
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36 Million Euros Remain Missing
A similar fraud was successfully carried out in Italy last year. At that time, entrepreneur Massimo Moratti believed he was speaking with a minister. He subsequently transferred nearly a million euros abroad. In that case, the money was later fully recovered.
Fideuram has since recovered part of the 95 million euros. Authorities from various countries, including China, assisted in this effort. A large portion of the transferred sum had previously ended up in China and Hong Kong.
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However, around 36 million euros remain untraceable. The fraudsters moved this money through additional foreign accounts and then converted it into cryptocurrencies. After that, the trail of the money can no longer be followed.
Investigators Have a Suspect in Sight
The investigation in Milan is now focusing on a person living outside Europe. They are accused of computer fraud. No investigations are underway against Molesini or other Fideuram executives.
Molesini left his position in March, citing personal reasons. Fideuram provided no further details. Neither Fideuram nor the parent company Intesa Sanpaolo wished to comment on the fraud case itself.