Austrian real estate tycoon René Benko, once a celebrated billionaire, is now at the center of a major scandal. The Economic and Corruption Prosecution Office (WKStA) has taken him into custody. The investigation was sparked by a Patek Philippe watch discovered on a photo in his phone. The watch was not listed in his asset inventory, despite him having to file for bankruptcy. The suspicion: intentional asset concealment.
A Patek Philippe Nautilus Chronograph: The Austrian Economic and Corruption Prosecution Office (WKStA) relied on a photo found on Benko’s phone to arrest him.
The investigators stumbled upon a crucial image while analyzing Benko’s mobile phone: it shows him with a Patek Philippe Nautilus Chronograph Ref. 5980R-001, a model made of rose gold, which is traded on the market for between 90,000 and 300,000 euros. However, this watch did not appear in his official declarations.
According to insolvency law, Benko would have had to disclose all his assets to enable his creditors to receive a fair settlement of their debts. The prosecution office sees the concealment of these and other luxury goods as a possible “fraudulent act” or the intentional harm of creditors.
The investigations suggest that Benko did not only hide one watch. His collection included nine more wristwatches, worth almost 400,000 euros in total. Furthermore, in October 2024, several of his luxury items were auctioned off, including eight watches, cuff links and a sport motorboat. However, the WKStA suspects that some of these items may have been returned to Benko’s possession through straw men.
Another important element in the investigations is the Laura Private Foundation, officially registered on Benko’s mother. Abandoned phone calls and analyzed emails suggest that Benko still maintained control over the foundation, despite lacking an official function. This construction could have been used to hide assets from creditors.
Besides the watches and art pieces, the investigators also accuse Benko of swindling investors out of millions. He allegedly used the money to finance his exclusive lifestyle: a villa in Innsbruck, expensive rental apartments, luxury cars, yachts and a extensive staff, including personal chefs and butlers. A former bodyguard confirmed in a statement that Benko always had the sole decision-making authority.
The case of René Benko shows how difficult it can be to uncover company constructions and foundations when it comes to concealing assets. The Patek Philippe watch is only a symbol of a potentially much larger fraud. While Benko continues to assert his innocence, the evidence presented could cost him dearly.