This investigation is part of a broader probe into the collapse of Signa, once one of Europe's largest property companies, which declared insolvency in 2023—the largest in Austrian history—due to internal issues, rising interest rates, and increased costs.

This criminal inquiry is part of a wider investigation into Signa, involving around a dozen suspects and two organizations, with alleged damages totaling approximately 300 million euros, including fraud, embezzlement, and abuse of subsidies.

Signa's creditors are not only in Europe but also extend to the United Arab Emirates and Thailand, highlighting its extensive international reach.

Prosecutors in Germany and Italy are also conducting inquiries into Benko’s business practices, with investigations spanning multiple countries.

Benko was questioned in Innsbruck in December 2024 following an Italian arrest warrant for alleged involvement in a criminal organization, but the court denied extradition, allowing Austrian jurisdiction.

The decline of Signa was worsened by internal issues, rising interest rates, and increased energy and construction costs, which contributed to its insolvency.

No additional suspects have been publicly named in connection with the case at this time.

The case involves a damage amounting to 660,000 euros, with potential penalties of one to ten years in prison, and Benko has been in pre-trial detention since January 2025.

René Benko, a former real estate billionaire and founder of Signa, has been charged by the Vienna Public Prosecutor's Office for Economic Affairs and Corruption with fraudulent asset concealment related to his insolvency, accused of transferring assets to relatives before declaring bankruptcy.

The Austrian Ministry of Justice has received a report indicating that authorities may have approved charges or decided to close the investigation, as part of the ongoing legal process.

The Austrian Central Prosecutors' Office for Economic Crimes and Corruption is investigating twelve different strands related to the collapse of Benko’s empire, which is considered the largest bankruptcy in Austria and significant across Europe.

Meanwhile, the sale of Benko’s former flagship property, Kaufhaus Tyrol in Innsbruck, is nearing completion, with a consortium linked to Peek & Cloppenburg expected to acquire it for between 100 and 150 million euros.