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Ivor
@Picard
If I recall correctly, around that time Bianchi bought quite a few other smaller companies, who made loads of cheaper bikes with their name/logo on them. Bianchi couldn't keep up with demand, so they "outsourced" some of their cheaper manufacturing to these companies.
Typically, the ones made by the original Bianchi company have fork crowns with the letter "B" or the word "Bianchi" written in the top of the casting, and markings in the metal at the top of the rear stays have the letter "B" or the word "Bianchi" on them too. They also have their serial number on the front top of the head tube. I did loads and loads of research when I bought a Bianchi Rekord 748, which wasn't a top end Bianchi by any stretch, in fact it was a "mid-level" bike, but it still had tight geometry and the lovely little details mentioned above that confirmed what it was regardless of the paint or decals.
I can't say for sure that the bike here isn't a Bianchi, but I have never seen one with a steel plate as a rear brake bridge, or one with a stand mount on the bottom of the frame behind the bottom bracket. Also, the geometry of this frame is really slack, not what you'd expect from Bianchi. The dropouts look wrong too ... they're pressed steel instead of cast (not Gipieme or Campagnolo). In my opinion, if it is a Bianchi, it's a really cheap one made by one of the small companies that Bianchi purchased or took over.