Polish prosecutors have expanded fraud charges against Marcin Pióro, the fugitive CEO of currency exchange platform Cinkciarz.pl, with alleged damages now exceeding 125 million zloty ($31 million) as more victims come forward.
The Poznan Regional Prosecutor’s Office announced yesterday (Monday) it had amended and supplemented charges against the executive, who remains the subject of an international manhunt after fleeing Poland during the investigation that began last October.
Prosecutors continue analyzing evidence to include all individuals who have reported losses from the collapsed currency exchange platform. The office said it expects additional victims to be aCdded to the case as the investigation progresses.
The executive has attempted to undermine the investigation through social media posts, claiming prosecutorial misconduct and manipulation.
“With full responsibility, I hereby declare that the actions undertaken by the Polish law enforcement authorities, in particular the Regional Prosecutor’s Office in Poznań, are based on false premises and untrue allegations suggesting that I was hiding or acting unlawfully,” Pióro commented. “These claims lack any factual or legal basis, and their repetition constitutes a deliberate element of procedural manipulation.
However, investigators dismiss these efforts as attempts to deflect responsibility for the alleged crimes.
“The Regional Prosecutor’s Office in Poznan categorically denies all allegations of forgery and manipulation directed by suspect Pióro through social media against prosecutors conducting the investigation,” a spokesperson for the prosecutor’s office said.
The office views the executive’s media activity as “an attempt to shift responsibility away from himself for the aforementioned alleged crimes.”
Court Rejects Appeal Attempts
A Zielona Gora district court dealt another blow to the embattled companies last week, upholding bank account freezes for Cinkciarz.pl, Conotoxia, and Conotoxia Holding in separate rulings on September 19 and 24.
The court rejected appeals from legal representatives of the companies and Pióro, who serves as board president of all three entities. Judges found the account freezes were conducted lawfully and remained justified given the ongoing investigation.
The rulings keep hundreds of frozen accounts locked as prosecutors work to trace client funds and prevent further asset transfers. Poland’s Financial Supervision Authority (KNF) originally revoked payment licenses for the companies after receiving thousands of complaints from clients unable to withdraw deposited money.
In July, the Cyprus Securities and Exchange Commission (CySEC) has also suspended the Cyprus Investment Firm (CIF) license of Conotoxia Ltd., citing concerns about the company’s compliance with legal and regulatory requirements.
Damage Estimate Climbs Higher
The latest damage assessment represents a significant increase from earlier estimates. Prosecutors initially calculated losses at 112 million zloty ($28 million) when they issued the international arrest warrant for Pióro in August.
The expanding victim count suggests the currency exchange scandal affected far more clients than originally understood. Investigators have received over 7,000 complaints from users who deposited funds but couldn’t recover their money when the platform collapsed.
Other company executives already face detention in Poland. Board member Robert G. was arrested in March on similar fraud charges but pleaded not guilty. Chief accountant and attorney Monika J. was detained in May after confessing to her role and providing detailed testimony to investigators.
Executive Maintains Innocence From Abroad
Pióro has consistently denied wrongdoing throughout the investigation, dismissing the case as a “media spectacle” designed to manipulate public opinion. Sources familiar with the case indicate he traveled to the United States after the scandal broke around his company.
The executive faces up to 25 years in prison if convicted on the fraud charges. Legal experts expect Polish authorities to work with Interpol to locate and potentially extradite him, though the process could prove lengthy and complicated if he has obtained U.S. citizenship.
His social media denials have drawn sharp criticism from prosecutors, who view the posts as undermining their investigation’s credibility with affected clients. The prosecutor’s office emphasized that all investigative actions have been conducted according to legal procedures.
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.”
The case continues expanding as more alleged victims come forward, with prosecutors working to ensure all affected clients are included in the final charges against the currency exchange executives.
Interestingly, the website Cicnkiarz.pl is back online after a longer break. It features a rather enigmatic message: “This is not the end. The story continues.” Below it appears another statement: “We built a fintech. Poland’s KNF and Prosecutor’s Office built a fraud case.”
