René Benko Ordered into Custody Over Fraud Allegations

The former billionaire and founder of the Signa Group faces investigation for concealing assets and financial misconduct across multiple countries.

An Austrian court has placed René Benko, founder of the now-insolvent Signa Group, in pre-trial detention citing risks of evidence tampering and further offenses.
Benko, 47, is under investigation for allegedly hiding assets, including luxury items and funds tied to a family foundation, from creditors and authorities during his personal bankruptcy proceedings.
Prosecutors suspect Benko of defrauding investors through deceptive financial practices, including misrepresenting his own contributions during capital raises.
The collapse of Benko's Signa Group in 2023, attributed to rising interest rates and operational costs, left creditors seeking €2.4 billion, with only €47 million in claims recognized so far.
Authorities in Austria, Germany, and Italy are pursuing multiple charges against Benko, including fraud, embezzlement, and bankruptcy-related offenses, while his lawyer denies all allegations.