The investigation draws parallels to the Wirecard scandal, with both cases involving deception and false appearances, and both Benko and Wirecard's former CEO denying wrongdoing.

Legal proceedings also include charges of fraud related to misrepresentation during loan extensions and breach of trust involving employee shares, with ongoing inquiries by Austrian authorities.

The trial was adjourned until the following day, when witnesses are expected to testify and a verdict is anticipated, with damages estimated at around 300 million euros.

Benko's defense claims that the prepayments and transfers were lawful, describing them as industry-standard and legally justified, and emphasizes his efforts to save his business.

The broader Signa insolvency case involves claims exceeding €8.35 billion, with ongoing disputes over billions and allegations of hiding assets, including luxury items and cash in private foundations.

The trial has attracted international media attention, with around 70 journalists covering the proceedings, which could mark the beginning of a lengthy legal process in Austria's largest economic scandal.

The legal case is part of broader investigations into his business practices, reflecting significant scrutiny over his financial dealings and the collapse of his real estate empire.

The court proceedings are led by the experienced and strict Judge Andrea Wegscheider, known for her tough rulings in high-profile cases.

The case involves allegations that Benko transferred assets to his mother, including a €360,000 prepayment for a villa and a €300,000 gift declared as a loan repayment, during a period when his financial difficulties were evident.

René Benko, a 48-year-old Austrian ex-multi-billionaire and founder of Signa, is facing court in Innsbruck after nine months of detention, accused of concealing 660,000 euros and causing harm to creditors amid his company's insolvency.

Benko pleaded not guilty to all charges, asserting he fought for his life's work and did not act criminally during his financial downfall in 2023.

This case is seen as a significant legal challenge for Benko, who previously gained support from notable politicians and investors, but now faces serious allegations of financial misconduct.