Austrian property tycoon René Benko has been arrested, as Vienna’s criminal prosecutors accused him of making inaccurate statements during the insolvency proceedings of his Signa property holding in an attempt to embezzle assets.

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.

The founder of the bankrupt real estate conglomerate Signa had so far been able to continue living undisturbed in a luxurious villa. But now, the handcuffs have finally clicked.

Austria: A self-made billionaire, Benko tapped low interest rates to rapidly expand his business, acquiring stakes in prestigious properties from Britain's Selfridges department stores to the Chrysler Building in New York.

The founder of fallen Austrian property group Signa, Rene Benko has been arrested on suspicion of fraud, prosecutors say.