Cinkciarz.pl Executives Face Millions in Fraud Allegations

Currency Exchange Chief Sought as Over PLN 112 Million Lost

Authorities are intensifying their pursuit of Marcin P., the president of Cinkciarz.pl, over widespread fraud allegations. Prosecutors estimate customers of the currency exchange service have lost more than PLN 112 million, fueling a massive investigation that has garnered over 7,000 customer complaints.

Nationwide Search Underway for Cinkciarz.pl President

A warrant for the arrest of Marcin P. has been issued, following a court’s decision to detain him for 30 days. The Poznań Regional Prosecutor’s Office, leading the probe since last October, is actively seeking the company’s top executive. He currently remains outside the country.

The court’s decision to authorize the arrest was based on substantial evidence suggesting Marcin P.‘s culpability. Prosecutors also cited concerns about potential flight risks and the severe punishment of up to 25 years imprisonment that he faces if convicted.

Investigation Uncovers Widespread Deception and Asset Freezes

The investigation into Cinkciarz.pl began after a deluge of customer notifications reporting unrecovered funds. In response, prosecutors moved to block 328 bank accounts associated with the online currency exchange platform in late December. The freeze on accounts for Cinkciarz.pl, Conotoxia, and Conotoxia Holding has been extended until later this year.

In March, Robert G., a board member of Cinkciarz.pl, was apprehended and charged with complicity in fraud through fraudulent property disposals. He has denied the accusations. Subsequently, in late May, the chief accountant and proxy, Monika J., was also temporarily arrested and charged with similar offenses. Monika J. has confessed and provided detailed statements to investigators.

The Polish Financial Supervision Authority (PFSA) reported last October that it was investigating Cinkciarz.pl due to client complaints. Simultaneously, the Office of Competition and Consumer Protection (UOKiK) received reports of delays in currency exchanges and money transfers, with customers being informed of technical faults.

Following these reports, the PFSA revoked CONOTOXIA’s and Cinkciarz.pl Marketing agents’ permissions to provide payment services. This action prompted the Poznań Regional Prosecutor’s Office to launch its comprehensive investigation into the alleged widespread deception.

The financial services sector has seen increased regulatory scrutiny globally. For instance, in 2023, the UK’s Financial Conduct Authority (FCA) banned over 20,000 individuals from performing regulated activities due to misconduct, highlighting a growing trend of holding financial executives accountable (FCA, 2023).