MANILA, Philippines — The South Korean police has requested an arrest warrant for businessman Bang Si-hyuk, the founder and chairman of HYBE, over alleged “fraudulent trading.”
The agency is best known for handling K-pop groups like BTS, Tomorrow x Together, Enhypen, Le Sserafim, and NewJeans through numerous sub-labels.
The financial crimes investigation unit of the Seoul Metropolitan Police Agency is seeking to arrest Bang on charges of fraudulent and unfair trading after commissioner Park Jung-bo declared investigation into the executive was completed.
Authorities have been investigating Bang on the suspicion of Korea’s Capital Markets Act, allegedly securing illicit gains worth around 190 billion won (P7.75 billion) during HYBE’s 2019 initial public offering process.
Bang allegedly misled “early investors ahead of his agency’s listing” and steered them “to sell shares to a private equity fund linked to his associates.”
“It is regrettable that an arrest warrant has been requested despite his sincere cooperation with the investigation over a long period of time,” said a legal representative for Bang. “We will faithfully participate in future legal proceedings and do our utmost to clarify the facts.”
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The Korean label executive has been under a travel ban since August 2025 during the course of the investigation.
Last Monday, April 20, HYBE denied any involvement in a United States Embassy letter reportedly sent to police seeking to lift the travel ban.
The letter in question cited the 250th anniversary of US independence and the upcoming “Arirang” world tour of BTS as reasons for the request.
“We have not requested the US Embassy to seek the lifting of Chairman Bang’s travel ban,” HYBE told The Korea Herald, adding that no decision had been made on whether Bang would attend US Independence Day celebrations as he has not received an official invitation from the embassy.
BTS’ “Arirang” tour, the group’s first in four years, officially kicked off with three nights in Goyang, South Korea and two concerts in Tokyo, Japan.
The boy band is set to embark on its first leg of North American shows until the end of May, with the entire tour currently set to conclude in the Philippines next year.
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