Financial and Business News

Cinkciarz.pl Chief Accountant Arrested in Alleged $25M Fintech Fraud Case

Thursday, 05/06/2025 | 08:31 GMT by Damian Chmiel
  • Polish authorities arrested the fintech's chief accountant on charges of misusing funds intended for currency exchange services.
  • The investigation continues as the company's CEO remains outside Poland while facing similar charges.
  • With more than 2,000 customer complaints filed, the case represents one of Poland's largest fintech fraud cases.
From right: Piotr Kiciński, Vice President of the Management Board of Cinkciarz.pl Sp. z o.o.
From right: Piotr Kiciński, Vice President of the Management Board of Cinkciarz.pl Sp. z o.o.

Polish authorities have arrested the chief accountant of Cinkciarz.pl, a major local fintech and online FX exchange platform, on charges related to an alleged fraud scheme that prosecutors say cost customers more than 112 million zloty ($25 million).

Polish Fintech Chief Accountant Arrested in $25 Million Fraud Case

The Regional Court ordered a three-month detention for Monika J., who served as both chief accountant and attorney-in-fact for the company, following a request from the Regional Prosecutor's Office on May 29. The arrest was carried out by officers from the police and the Central Bureau of Investigation. Earlier, in the same case, a former Cinkciarz.pl board member was detained for three months.

Prosecutors allege Monika J. participated in a fraud scheme that misled customers about the actual use of their funds deposited through the Cinkciarz.pl mobile application. According to the charges, customer money intended for currency exchange services was instead diverted to finance operational activities of other companies within the Conotoxia Holding Group.

“When questioned by the prosecutor as a suspect, Monika J. admitted to committing the alleged act and gave extensive explanations in the case,” the Regional Prosecutor’s Office commented in a statement.

The court agreed with prosecutors that evidence strongly suggests the alleged crimes occurred and that detention was necessary due to concerns about potential witness tampering and the severity of potential penalties.

Related: Cinkciarz.pl Allegedly Seeks Customer Payments Despite Inability to Process Currency Exchanges

CEO Remains at Large

The investigation has also expanded to include additional charges against Marcin Pióro, the CEO of Cinkciarz.pl, who prosecutors say was involved in the same alleged scheme affecting the 112 million zloty in customer funds.

However, authorities have been unable to conduct proceedings against the CEO because he is currently outside Poland. A separate arrest warrant request for Marcin P. remains under court review.

The case continues to develop as authorities receive additional complaints from affected customers. The Regional Prosecutor's Office reports that new victim notifications related to Cinkciarz.pl operations continue to arrive regularly.

The charges carry potential sentences of up to 25 years in prison.

From License Loss to Serious Trouble

The investigation began in October 2024 following a referral from Poland's Financial Supervision Authority after numerous customer complaints about delayed and unfulfilled currency transactions.

Cinkciarz.pl, once considered a success story in Poland's fintech sector, has faced mounting scrutiny over its business practices. The Ministry of Justice reports that more than 2,000 notifications have been filed during the investigation, primarily from customers of the Cinkciarz.pl platform.

The case represents one of the largest alleged financial fraud schemes in Poland's fintech industry, highlighting regulatory challenges in the rapidly growing fintech sector.

Polish authorities have arrested the chief accountant of Cinkciarz.pl, a major local fintech and online FX exchange platform, on charges related to an alleged fraud scheme that prosecutors say cost customers more than 112 million zloty ($25 million).

Polish Fintech Chief Accountant Arrested in $25 Million Fraud Case

The Regional Court ordered a three-month detention for Monika J., who served as both chief accountant and attorney-in-fact for the company, following a request from the Regional Prosecutor's Office on May 29. The arrest was carried out by officers from the police and the Central Bureau of Investigation. Earlier, in the same case, a former Cinkciarz.pl board member was detained for three months.

Prosecutors allege Monika J. participated in a fraud scheme that misled customers about the actual use of their funds deposited through the Cinkciarz.pl mobile application. According to the charges, customer money intended for currency exchange services was instead diverted to finance operational activities of other companies within the Conotoxia Holding Group.

“When questioned by the prosecutor as a suspect, Monika J. admitted to committing the alleged act and gave extensive explanations in the case,” the Regional Prosecutor’s Office commented in a statement.

The court agreed with prosecutors that evidence strongly suggests the alleged crimes occurred and that detention was necessary due to concerns about potential witness tampering and the severity of potential penalties.

Related: Cinkciarz.pl Allegedly Seeks Customer Payments Despite Inability to Process Currency Exchanges

CEO Remains at Large

The investigation has also expanded to include additional charges against Marcin Pióro, the CEO of Cinkciarz.pl, who prosecutors say was involved in the same alleged scheme affecting the 112 million zloty in customer funds.

However, authorities have been unable to conduct proceedings against the CEO because he is currently outside Poland. A separate arrest warrant request for Marcin P. remains under court review.

The case continues to develop as authorities receive additional complaints from affected customers. The Regional Prosecutor's Office reports that new victim notifications related to Cinkciarz.pl operations continue to arrive regularly.

The charges carry potential sentences of up to 25 years in prison.

From License Loss to Serious Trouble

The investigation began in October 2024 following a referral from Poland's Financial Supervision Authority after numerous customer complaints about delayed and unfulfilled currency transactions.

Cinkciarz.pl, once considered a success story in Poland's fintech sector, has faced mounting scrutiny over its business practices. The Ministry of Justice reports that more than 2,000 notifications have been filed during the investigation, primarily from customers of the Cinkciarz.pl platform.

The case represents one of the largest alleged financial fraud schemes in Poland's fintech industry, highlighting regulatory challenges in the rapidly growing fintech sector.

Topics
Cinkciarz.pl
Conotoxia
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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