Polish authorities have placed Marcin Pióro, CEO of currency exchange platform Cinkciarz.pl, on Interpol’s Red Notice. He faces charges of fraud and money laundering linked to client losses exceeding 125 million złoty (about $30 million).

Accused of fraud and large-scale money laundering, the executive is now among the world’s most wanted for allegedly causing client losses estimated at over 125 million złoty (around $30 million).

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Charges and Investigation Timeline

The Poznań Regional Prosecutor’s Office initiated an investigation into Cinkciarz in October 2024 after receiving thousands of complaints from customers unable to access their funds. By March 2025, formal charges, including fraud, were filed against Pióro and several key company figures.

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The allegations claim that Cinkciarz clients suffered significant financial damage, as their deposits were apparently misused to fund other business ventures. The investigation intensified after a police raid on the company headquarters in Zielona Góra and the freezing of over 300 bank accounts related to the platform.

Despite the gravity of the accusations, Marcin Pióro denied all wrongdoing. Yet Polish courts have issued arrest warrants and moved to detain him pending trial, noting that if convicted, the potential penalty could reach up to 25 years in prison.

Wider Impact on Polish Fintech Trust

Cinkciarz.pl, once a popular exchange founded in 2006 amid Poland's foreign currency boom, grew to generate billions in annual revenue. While the platform did not trade cryptocurrencies, financial observers highlight the scandal as a stark reminder that trust in financial services can be shattered rapidly.

Polish authorities have reportedly detained other executives connected to Cinkciarz, including a board member and the company’s chief accountant, both facing charges of complicity in fraud. Additionally, the Financial Supervision Authority revoked licenses for related entities and blocked associated bank accounts.

Expect ongoing updates as this story evolves.

Source: Finance Magnates