South Korean police are seeking to arrest Bang Si-hyuk, the influential music mogul behind BTS, as part of a widening investigation into alleged investor fraud involving more than US$100 million.
The Seoul Metropolitan Police Agency confirmed on Tuesday (Apr 21) that it has asked prosecutors to request a court warrant for Bang’s arrest. HYBE, the entertainment giant he founded, did not immediately respond to media queries.
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Bang has been under investigation since November over claims that he misled investors in 2019 about HYBE’s plans to go public. Authorities allege that he told investors there were no intentions for an initial public offering, prompting them to sell their shares to a private equity fund.
However, HYBE later proceeded with its IPO, and police suspect that Bang may have benefited from a side agreement with the fund. The deal allegedly promised him 30 per cent of post-IPO stock sale profits, amounting to roughly 200 billion won (US$136 million).
Bang, who established HYBE as Big Hit Entertainment in 2005, is widely regarded as one of the most powerful figures in the K-pop industry. Beyond BTS, the company oversees major acts including Seventeen, Le Sserafim and Katseye.
The investigation comes at a critical moment for HYBE. BTS recently returned to the global stage following a nearly four-year hiatus due to mandatory military service, marking their comeback with a large-scale free concert in Seoul that drew tens of thousands of fans.
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The group has since continued performances in Goyang and Tokyo, with a series of US shows set to begin later this month in Tampa, Florida.
Bang’s legal troubles now cast a shadow over what was expected to be a landmark year for both BTS and HYBE’s global expansion.
