The founder of online currency exchange Cinkciarz.pl has become the target of an international manhunt after Polish authorities issued an arrest warrant in connection with what officials are calling one of the largest fintech scandals in the country’s history. Users of the platform have reportedly lost over 112 million Polish złoty, equivalent to approximately $30 million, with the CEO now believed to be hiding outside Poland.
Polish Prosecutors Launch International Search
Polish law enforcement agencies have issued an arrest warrant for Marcin P., the founder and chief executive of Cinkciarz.pl, following a court order for his 30-day pre-trial detention. The Prosecutor’s Office in Poznań announced the warrant after bringing fraud charges against the businessman in March, though he remains outside the country and has evaded capture.
The investigation began gaining momentum in October 2024 when police investigators, working alongside cybercrime specialists, conducted raids on the company’s headquarters in Zielona Góra. This operation came after authorities received more than 7,000 complaints from clients who had lost access to their deposits on the exchange platform.
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In December, prosecutors moved to freeze 328 bank accounts connected to the trading platform as they worked to untangle the suspected fraud scheme. The funds allegedly disappeared as they were diverted to finance other business ventures without client knowledge or consent.
From Success Story to International Fugitive
Marcin P. established Cinkciarz, which translates to “money changer,” back in 2006 during a period when currency exchange offices were experiencing rapid growth due to Poland’s foreign currency lending boom. The business eventually expanded into a major operation generating 35 billion złoty in annual revenue before its dramatic collapse.
While Cinkciarz did not handle cryptocurrency transactions, the scandal has drawn attention from digital asset news outlets. Bitcoin.pl commented that the situation serves as “another reminder that in the world of finance (both traditional and digital), trust takes years to build and can be lost in seconds.”
The Polish court has determined that prosecutors have gathered sufficient evidence for a conviction, noting the severity of potential penalties. The fraud charges could result in a prison sentence of up to 25 years if Marcin P. is eventually apprehended and convicted.
According to financial news portal Bankier.pl, the CEO has fled to the United States. This information was confirmed by a group of affected Cinkciarz customers who analyzed social media posts made by Marcin P. and his wife approximately six months ago.
In previous statements, the entrepreneur dismissed the investigation as a “media spectacle.” In a LinkedIn comment from June, he defiantly stated: “I’ve already beaten the giant Mastercard 12 times, so I can easily deal with the pathology of the Polish system … And I advise everyone else to refrain from making hasty judgments.”
Legal expert Adam Szewc from the Chmielniak Adwokaci law firm expects Polish authorities to request an Interpol “red notice” for Marcin’s arrest. This would enable U.S. law enforcement to detain him pending the submission of an extradition request.
The investigation has already resulted in additional arrests within the company’s leadership structure. Polish police detained Robert G., a member of Cinkciarz’s management board, in March on charges of fraud complicity. Two months later, authorities also arrested the company’s chief accountant, Monika J.
Poland’s Financial Supervision Authority (KNF) has revoked the payment services license of Conotoxia, an entity connected to Cinkciarz, and blocked its bank accounts as part of the ongoing investigation.
Broader Financial Sector Implications
This high-profile fraud case may reinforce existing concerns about regulatory oversight in both traditional and digital financial services. The incident could prompt stricter compliance measures across Poland’s fintech sector as authorities work to prevent similar schemes.
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