Polish
authorities have arrested the chief accountant of Cinkciarz.pl, a major local
fintech and online FX exchange platform, on charges related to an alleged fraud
scheme that prosecutors say cost customers more than 112 million zloty ($25
million).
Polish Fintech Chief
Accountant Arrested in $25 Million Fraud Case
The Regional
Court ordered a three-month detention for Monika J., who served as both chief
accountant and attorney-in-fact for the company, following a request from the Regional
Prosecutor’s Office on May 29. The arrest was carried out by officers from the police
and the Central Bureau of Investigation. Earlier, in the same case, a former
Cinkciarz.pl board member was
detained for three months.
Prosecutors
allege Monika J. participated in a fraud scheme that misled customers about the
actual use of their funds deposited through the Cinkciarz.pl mobile
application. According to the charges, customer money intended for currency
exchange services was instead diverted to finance operational activities of
other companies within the Conotoxia Holding Group.
“When
questioned by the prosecutor as a suspect, Monika J. admitted to committing the
alleged act and gave extensive explanations in the case,” the Regional
Prosecutor’s Office commented
in a statement.
The court
agreed with prosecutors that evidence strongly suggests the alleged crimes
occurred and that detention was necessary due to concerns about potential
witness tampering and the severity of potential penalties.
CEO Remains at Large
The
investigation has also expanded to include additional charges against Marcin
Pióro, the CEO of Cinkciarz.pl, who prosecutors say was involved in the same
alleged scheme affecting the 112 million zloty in customer funds.
However,
authorities have been unable to conduct proceedings against the CEO because he
is currently outside Poland. A separate arrest warrant request for Marcin P.
remains under court review.
The case
continues to develop as authorities receive additional complaints from affected
customers. The Regional Prosecutor’s Office reports that new victim
notifications related to Cinkciarz.pl operations continue
to arrive regularly.
The charges
carry potential sentences of up to 25 years in prison.
From License Loss to
Serious Trouble
The
investigation began
in October 2024 following a referral from Poland’s Financial Supervision
Authority after numerous customer complaints about delayed and unfulfilled
currency transactions.
Cinkciarz.pl,
once considered a success story in Poland’s fintech sector, has faced mounting
scrutiny over its business practices. The Ministry of Justice reports that more
than 2,000 notifications have been filed during the investigation,
primarily from customers of the Cinkciarz.pl platform.
The case
represents one of the largest alleged financial fraud schemes in Poland’s
fintech industry, highlighting regulatory challenges in the rapidly growing fintech
sector.
Polish
authorities have arrested the chief accountant of Cinkciarz.pl, a major local
fintech and online FX exchange platform, on charges related to an alleged fraud
scheme that prosecutors say cost customers more than 112 million zloty ($25
million).
Polish Fintech Chief
Accountant Arrested in $25 Million Fraud Case
The Regional
Court ordered a three-month detention for Monika J., who served as both chief
accountant and attorney-in-fact for the company, following a request from the Regional
Prosecutor’s Office on May 29. The arrest was carried out by officers from the police
and the Central Bureau of Investigation. Earlier, in the same case, a former
Cinkciarz.pl board member was
detained for three months.
Prosecutors
allege Monika J. participated in a fraud scheme that misled customers about the
actual use of their funds deposited through the Cinkciarz.pl mobile
application. According to the charges, customer money intended for currency
exchange services was instead diverted to finance operational activities of
other companies within the Conotoxia Holding Group.
“When
questioned by the prosecutor as a suspect, Monika J. admitted to committing the
alleged act and gave extensive explanations in the case,” the Regional
Prosecutor’s Office commented
in a statement.
The court
agreed with prosecutors that evidence strongly suggests the alleged crimes
occurred and that detention was necessary due to concerns about potential
witness tampering and the severity of potential penalties.
CEO Remains at Large
The
investigation has also expanded to include additional charges against Marcin
Pióro, the CEO of Cinkciarz.pl, who prosecutors say was involved in the same
alleged scheme affecting the 112 million zloty in customer funds.
However,
authorities have been unable to conduct proceedings against the CEO because he
is currently outside Poland. A separate arrest warrant request for Marcin P.
remains under court review.
The case
continues to develop as authorities receive additional complaints from affected
customers. The Regional Prosecutor’s Office reports that new victim
notifications related to Cinkciarz.pl operations continue
to arrive regularly.
The charges
carry potential sentences of up to 25 years in prison.
From License Loss to
Serious Trouble
The
investigation began
in October 2024 following a referral from Poland’s Financial Supervision
Authority after numerous customer complaints about delayed and unfulfilled
currency transactions.
Cinkciarz.pl,
once considered a success story in Poland’s fintech sector, has faced mounting
scrutiny over its business practices. The Ministry of Justice reports that more
than 2,000 notifications have been filed during the investigation,
primarily from customers of the Cinkciarz.pl platform.
The case
represents one of the largest alleged financial fraud schemes in Poland’s
fintech industry, highlighting regulatory challenges in the rapidly growing fintech
sector.
This post is originally published on FINANCEMAGNATES.
