Conotoxia – the prosecution’s next steps and new findings

Following the high-profile revocation of the licence and the publicised allegations against the management, the Conotoxia and Cinkciarz.pl case continues to generate a lot of interest – both among customers and financial market experts. Its developmental nature means that almost every following day brings new information that sheds light on further threads and consequences of the whole situation.

Asset security in the Conotoxia investigation – what does this mean for victims?

According to the announcement of 8 May 2025, the Regional Prosecutor’s Office in Poznań has applied a property security measure on the property of Robert G., a member of the Management Board of Cinkciarz.pl. This measure is aimed at ensuring the execution of a possible fine, the obligation to make good the damage and the return of the financial benefit obtained from the crime. The property security measure is aimed at ensuring the enforcement of a future judgment – in particular a potential fine, an obligation to make good the damage or the return of the financial benefit obtained from the crime.

However, the issuance of such an order does not mean that the victims will automatically receive the money. The Public Prosecutor’s Office has stipulated that the potential payment of damages or other benefits can only take place after the criminal proceedings have become final and the relevant judgment has been issued by the competent authority.

Comprehensive financial appraisal – experts will check the company’s financial condition and management decisions

On 14 May 2025. The Regional Prosecutor’s Office in Poznań announced that a decision had been made to seek an expert opinion from the Institute of Economic and Financial Expertise in Łódź. Its purpose is to obtain a comprehensive and independent financial analysis of the companies under investigation.

The experts are tasked not only with assessing the actual financial condition of these entities during the period under investigation, but also with analysing the actions of the members of the management board – both in terms of compliance with applicable laws and business decisions taken. The experts’ opinion is expected to be a key piece of evidence that may determine the further course of the investigation – in particular with regard to possible fraud.

Prosecution refuses to allow victims to participate in trial activities

Significantly, on 23 May 2025. The Regional Prosecutor’s Office in Poznań issued a decision refusing to allow the wronged persons and their attorneys to participate in all procedural activities, except those that cannot be repeated at the trial, and in situations where the presence of the wronged person is mandatory.

The decision relates to requests made by victims who have requested active participation in the proceedings and information about the prosecution’s planned activities. The Prosecutor’s Office has indicated that this restriction is dictated by an overriding objective – the protection of the interest of the investigation, which, in the opinion of the authority, could be violated in the event of early disclosure of procedural information.

In practice, this means that wronged parties will not have access to the majority of activities conducted at the pre-trial stage, including:

• inter alia, questioning of witnesses,
• searches,
• analysis of evidence,
• or securing of suspects’ assets.

This restriction, although it may arouse understandable emotions on the part of the wronged parties, is in accordance with the law – in particular with Article 316 § 1 of the Code of Criminal Procedure, which allows for the exclusion of the participation of the parties if it is supported by important considerations of the investigation.

More arrests – chief accountant and board member in pre-trial detention

The key event of the last few days, however, is that there has been another pre-trial detention in the case – this time, this preventive measure for a period of three months was applied to Monika J.

The chief accountant and proxy of the company Cinkciarz.pl, heard charges of complicity in a fraud scheme whose scale exceeded PLN 112 million.

According to the public prosecutor’s office, her actions consisted in misleading customers as to the real destination of funds paid via the Cinkciarz.pl application – both for currency exchange and payment services. Instead of going where they were declared to go, the funds were to be used, among other things, to finance the day-to-day operations of companies belonging to the Conotoxia Holding Group.

The crucial fact seems to be, Monika J. admitted to the alleged acts and gave extensive explanations during the hearing.

What is more, the District Court in Zielona Góra, at the request of the public prosecutor, extended the temporary arrest of Robert G., member of the Management Board of Cinkciarz.pl, by a further three months. In the justification for the decision, the Court indicated that the evidence gathered makes it highly probable that the suspect committed the offence he was accused of.

In addition, the Court upheld the prosecutor’s argumentation concerning the existence of special grounds justifying the application of the temporary arrest – in particular, the fear of procedural obstruction and the threat of a severe punishment for the suspect.

As far as Marcin P., President of the Management Board of Cinkciarz.pl Sp. z o.o. is concerned, the charges against him were supplemented by assuming that the above-mentioned suspect led a number of persons to a disadvantageous disposition of property in the amount exceeding PLN 112 million. Most importantly, he is still out of the country, which makes it impossible to conduct any procedural actions with his participation.

We encourage you to contact our debt recovery team, who are keeping up to date with developments around Conotoxia and can help you select appropriate legal action connected to your individual case. A prompt response can significantly increase the chances of a successful claim.