Polish prosecutors have issued an international arrest warrant for Marcin Pióro, chief executive of currency exchange platform Cinkciarz.pl (and Conotoxia), after a court approved his detention in absentia on fraud charges that could carry up to 25 years in prison.

Cinkciarz.pl CEO Becomes Subject of International Manhunt

The Poznan Regional Prosecutor's Office announced the manhunt decision came immediately after a local court granted a 30-day pre-trial detention order for the executive, who has remained outside Poland since the investigation began last October.

Prosecutors estimate clients lost over 112 million zloty ($28 million) through the online currency exchange service, with investigators receiving more than 7,000 complaints from users who couldn't recover their deposited funds.

“As part of the ongoing investigation, no procedural actions have been carried out involving Marcin P. due to the suspect residing outside the country,” the Prosecutor Office commented in official statement. “The charges against the suspect carry a penalty of up to 25 years in prison. The case remains under active investigation.”

You may also like: Cyprus Regulator Suspends Conotoxia Ltd’s Investment License Over Compliance Gaps

Executive Reportedly in United States

According to sources familiar with the case, Marcin P. traveled to the United States after the scandal broke around his company. Affected clients have reportedly tracked down his specific address through social media posts, though attempts to secure U.S. citizenship allegedly failed several years ago.

The executive has maintained his innocence throughout the investigation, dismissing the case as a "media spectacle" designed to manipulate public opinion.

In a June LinkedIn post, he wrote: "I'll manage the institutional rot of the Polish system just fine. You'll get your turn too - I have 3 years for that, so I advise you not to show off."

Court Finds Strong Evidence

However, the Poznan court ruled that evidence gathered during the investigation "strongly suggests" Marcin P. committed the alleged crimes. Judges cited concerns about potential witness tampering, flight risk, and the severity of potential punishment as grounds for detention.

The fraud charges stem from an investigation that began after Poland's Financial Supervision Authority (KNF) revoked the payment services license for Conotoxia, which operated through Cinkciarz.pl agents. Prosecutors subsequently froze 328 bank accounts connected to the currency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term business.

Other Executives Already in Custody

The case has already ensnared other company leaders. Robert G., a board member, was arrested in March on similar fraud charges but pleaded not guilty. Monika J., the company's chief accountant and attorney, was detained in May after confessing to her role in the scheme and providing detailed testimony to investigators.

Both remain in pre-trial detention as the investigation continues to expand.

Legal experts expect Polish authorities to request Interpol issue a "red notice" for Marcin P., which would alert law enforcement worldwide and potentially lead to his detention if located in the United States.

The process could prove lengthy and complicated. If Marcin P. obtained U.S. citizenship, American authorities retain discretion over whether to approve extradition of their own nationals under the 1996 Poland-U.S. extradition treaty.

Defense strategies could include challenging the legal basis for extradition, filing multiple appeals, or raising humanitarian concerns about prison conditions in Poland. Legal experts estimate the process could take one to two and a half years if actively contested.