South Korean police announced Tuesday they are seeking to arrest music mogul Bang Si-hyuk, chairman of the agency behind K-pop supergroup BTS. The investigation expands into allegations that Bang illegally gained over $100 million in an investor fraud scheme.
The Seoul Metropolitan Police Agency has requested prosecutors seek a court warrant for Bang’s arrest. Police believe a private equity fund may have paid Bang around 200 billion won (US$136 million) in a side deal. This deal reportedly promised him 30 percent of post-IPO stock sale profits.
Bang, who founded Hybe as Big Hit Entertainment in 2005, is a powerful figure in K-pop. He oversees popular acts including BTS, Seventeen, Le Sserafim, and Katseye.
This legal challenge presents a major setback for Hybe as BTS resumes global activities following mandatory military service for its members. The group recently held comeback concerts in Seoul and Tokyo, with U.S. dates planned.