Polish authorities seek Interpol aid as Cinkciarz CEO flees $30M fraud case

Polish authorities have escalated their response to the financial scandal involving Cinkciarz, a popular online currency exchange, following the estimated loss of 112 million Polish złoty—equivalent to $30 million—by its users. The founder and CEO, identified as Marcin P., is now the subject of an international manhunt after fleeing the country, with prosecutors issuing an arrest warrant and seeking Interpol’s assistance to locate him. The case, described as one of the largest fintech frauds in Polish history, has drawn significant public and regulatory scrutiny.

Marcin P., who established Cinkciarz in 2006, has been accused of defrauding thousands of clients who lost access to their deposits on the platform. After police raids on the firm’s headquarters in Zielona Góra in October 2024 and the blocking of 328 of its bank accounts in December, the Poznań Prosecutor’s Office moved swiftly to issue a pre-trial detention order for the executive. The court acknowledged the strength of the evidence and the potential for a 25-year prison sentence should he be convicted. However, with Marcin P. reportedly hiding in the United States, the risk of his evading justice remains high.

Financial news portal Bankier.pl reports that a group of Cinkciarz users analyzed the CEO’s and his wife’s social media activity, suggesting they left Poland several months ago. In a defiant LinkedIn comment earlier this year, Marcin P. dismissed the case as a “media spectacle” and claimed to have outmaneuvered major financial institutions, including Mastercard.

Adam Szewc, a lawyer at Chmielniak Adwokaci, predicted that Polish officials are likely to request a red notice from Interpol to facilitate the arrest of Marcin P. in the U.S. This would enable authorities to hold him until an extradition request is processed. In parallel, two other key figures—Robert G., a member of the company’s management board, and Monika J., the chief accountant—have already been arrested and charged with complicity in the fraud.

The scandal has raised broader questions about financial oversight in both traditional and digital sectors. Bitcoin.pl, a cryptocurrency news outlet, noted that the case serves as a stark reminder of how easily trust can be lost in the financial system. The portal emphasized the importance of adopting a “don’t trust, verify” approach, a principle commonly associated with the crypto world but applicable across all financial services.

The collapse of Cinkciarz also highlights the growing regulatory challenges in the fintech industry. Poland’s Financial Supervision Authority has already revoked the payment services license of Conotoxia, a company linked to Cinkciarz, underscoring the broader consequences of the fraud. The incident has reignited debates about the need for stronger consumer protections and more rigorous oversight in the fintech space.

With over 7,000 users reporting losses and a once-successful company now at the center of a major legal and reputational crisis, the fallout from the Cinkciarz case continues to unfold. As Polish authorities work to bring those responsible to justice, the incident serves as a cautionary tale for both financial institutions and investors alike.

Source: [1] Polish authorities to seek Interpol intervention as Cinkciarz exchange users lose $30M (https://coinmarketcap.com/community/articles/688b8034680c444f8ca7e972/)