A CEO of a currency exchange platform, Cinkciarz.pl, has been placed on Interpol’s Red Notice due to serious legal allegations involving fraud and money laundering. These charges stem from client losses that reportedly exceed 125 million złoty (approximately $30 million), making the executive one of the most wanted individuals globally.
The issues began to escalate when the Poznań Regional Prosecutor’s Office launched an investigation in October 2024, following numerous complaints from customers who reported being unable to access their funds. By March 2025, the investigation resulted in formal accusations of fraud against the CEO and several other key figures within the company.
The ongoing allegations suggest that clients of Cinkciarz were significantly harmed as their deposits were allegedly diverted to finance other business activities. Following a police raid at the company’s headquarters in Zielona Góra, over 300 associated bank accounts were frozen, compounding the severity of the situation. Despite the mounting evidence and legal action, the CEO has consistently denied any wrongdoing. However, Polish courts have issued arrest warrants, and authorities are pursuing detention pending trial. Convictions on these charges could carry severe penalties, including a potential sentence of up to 25 years in prison.
The implications of this scandal extend beyond individual accusations, adversely impacting trust in the Polish fintech sector. Founded in 2006 during a surge in Poland’s foreign currency exchange market, Cinkciarz.pl achieved significant success, claiming billions in revenue. The financial services industry is particularly susceptible to issues of trust, and this incident serves as a stark reminder of how quickly customer confidence can be undermined.
In the wake of the investigation, authorities have detained additional executives connected to Cinkciarz, including at least one board member and the chief accountant, both of whom face charges for complicity in the alleged fraud. Moreover, the Financial Supervision Authority took further measures by revoking operating licenses for associated entities and blocking multiple bank accounts tied to the investigation.
Recent updates from the Poznań Regional Prosecutor’s Office indicate that the indictment has been revised to include new victims and evidence. As a result, financial damages are now estimated to be over 125 million złoty (around $31 million), as more individuals continue to come forward, asserting losses incurred due to the collapse of the foreign exchange platform.
Reports suggest that the CEO absconded from Poland shortly after the investigation commenced last October. Since then, he has utilized social media to challenge the allegations, claiming misconduct and misrepresentation on the part of the prosecutors involved in the case.
The developments surrounding Cinkciarz.pl highlight significant risks associated with the financial services industry, exacerbating scrutiny on regulatory practices and operational integrity within the fintech landscape. As investigations continue and more evidence surfaces, the repercussions of this scandal could lead to broader implications for trust and governance in financial services across Poland and beyond.