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.
Cinkciarz.pl Fraud Charges
Expand to $31M
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.”
Related:
This article was written by Damian Chmiel at www.financemagnates.com.
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