Bang Si-hyuk, the founder and chairman of K-pop powerhouse Hybe — the agency home of supergroup BTS — is facing possible arrest after South Korean police moved Tuesday to secure a warrant for his detention in connection with an ongoing investigation into the company’s 2020 initial public offering.
According to reports across the Korean media, the Seoul Metropolitan Police Agency’s financial crimes investigation unit said it has booked Bang on charges of fraudulent and unfair trading and is moving to take him into custody. The agency alleges that he violated South Korea’s Capital Markets Act and secured roughly 190 billion won ($129 million) in illicit gains during Hybe’s IPO process.
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At the heart of the case is a private equity arrangement that police allege was structured to mislead early Hybe investors. Seoul authorities have said Bang deceived early shareholders ahead of the
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