Benko, 47, who has previously denied wrongdoing, became a self-made billionaire by building Signa from the ground up, borrowing heavily in an era of super-low interest rates that began to end in 2022.

Austrian property tycoon Rene Benko's empire, Signa Holding, collapsed amidst legal troubles and massive debt. After declaring insolvency, Signa's assets faced selloffs and subsidiaries went bankrupt.

The arrest of Rene Benko on Thursday marks a new low for the Austrian property magnate following the collapse of his business empire, Signa Holding.