The founder of online currency exchange Cinkciarz.pl is being sought in Poland to scam clients in what is described as one of the biggest fintech scandals in Poland history.
The arrest warrants have been issued to entrepreneurs who are believed to be hiding abroad. After receiving thousands of complaints from users of his platform, authorities estimated losses well over 100 million Zwarty ($30 million).
Polish prosecutor issues arrest warrants to CEO Cinkciarz
Polish law enforcement is the online currency exchange service Cinkciarz.pl. are looking for founders and CEOs of the company. He is identified as Masin P, a man who chairs the board of directors of a fintech company. I’m currently abroad.
The Posenan Prosecutor’s Office reported this week that the city’s district court announced that it had issued an arrest warrant for businessmen shortly after an order was placed in custody for 30 days in pretrial detention.
The decision came after being charged against Mahsin in March, including fraud, PAP News Agency noted. According to the latest estimates, Cinkciarz’s customers have lost over 112 million Polish Zwarty ($30 million), which are said to be used to fund other ventures.
Prosecutors have been working to unravel suspicious fraud plans since October 2024, when they were supported by cybercrime experts, since October 2024, when they attacked Zielona Góra’s headquarters.
The agency took place after receiving more than 7,000 reports from clients who lost access to the exchange’s deposits. In December, they moved 328 bank accounts on the trading platform to the block.
Marcin P. founded Cinkciarz (“Money Changer”) in 2006, when exchange offices became popular amid the boom in foreign currency lending in Poland. Ultimately, it grew into a business of 35 billion Zwarty in annual revenue, Fakt.pl pointed out in an article on “one of Polish Fintech’s biggest scandals.”
The platform didn’t deal with cryptocurrencies, but Crypto News Outlet Bitcoin.pl said the story was “another reminder” that trust could be lost in seconds, both financially and digitally.
“Maybe it’s time to seriously examine your idea at the end of the day, “don’t trust”; Not just the context of the cryptocurrency world, but across all financial services? ”
“112 million and thousands of injured customers are priced for an excessively simple trust and lack of proper surveillance,” the portal, which recently published a key post on Poland’s upcoming crypto regulations.
The fugitive Fintech executive has not been found yet and has not been arrested
Polish courts accepted the prosecutor’s conclusion that the evidence gathered was sufficient to convict the suspect. He also acknowledged the possibility of severe punishment as the crime he was accused of could take him to prison for up to 25 years.
However, Maasin P. is not yet in Poland, so he is still questioned, not yet arrested, and the court also admitted that he is at high risk of avoiding justice.
According to Financial News Portal Banker.pl, the CEO has left for the US. This is confirmed by a group of Cinkciarz’s customers who analyzed photos he and his wife posted on social media about six months ago.
The Polish entrepreneur has previously described the development surrounding his company as a “media spectacle.” The report calls Cinkciarz a pyramid scheme, citing comments made in a LinkedIn post in June.
“I have already beaten the giant Mastercard 12 times, so I can easily deal with the pathology of the Polish system, and I would recommend that everyone else refrain from rushing to make judgments.”
Poland is likely to ask for a red notification from Interpol for Marcin
Adam Szewc, an attorney at Chmielniak Adwokaci Law Firm, said he hopes Polish officials will ask Interpol to issue a “red notification” alert for Marcin’s arrest.
In March, Polish police arrested Robert G., a member of Cinkciarz’s trustee committee, and accused him of complicity in committing fraud. Later, Monika J., the company’s chief accountant, was also taken into custody in May.
The Polish Financial Supervisory Authority (KNF) has also revoked the payment service license for Conotoxia, an entity associated with Cinkciarz.
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