South Korean authorities have moved to arrest Bang Si-hyuk, the mastermind behind K-pop sensation BTS, following an escalation in a high-stakes investigation into a suspected $100 million investor fraud scheme. The Seoul Metropolitan Police Agency confirmed on Tuesday that it has formally requested prosecutors to secure a court warrant for the HYBE chairman’s arrest.
The allegations date back to 2019, with investigators claiming that Bang deliberately misled early investors by assuring them that HYBE had no immediate plans to go public. This allegedly pressured shareholders into selling their stakes to a private equity fund at a lower valuation, just before the company executed its massive initial public offering (IPO). Police suspect that Bang received approximately 200 billion won through a "side deal" with the fund, which reportedly guaranteed him a 30 per cent share of the profits from post-IPO stock sales.
As the founder of Big Hit Entertainment — now the multinational conglomerate HYBE — Bang is a titan of the global music industry. Beyond the record-breaking success of BTS, his stable includes major acts such as Seventeen, Le Serafim, and Kats eye. However, this legal crisis has hit at a particularly delicate time for the agency. BTS recently completed their mandatory military service and are currently in the middle of their highly anticipated "Arirang" world tour, marking their first major performances in nearly four years.
The group, which performed a massive comeback show in Seoul last month and recently concluded dates in Tokyo, is scheduled to begin the North American leg of their tour in Tampa, Florida, later this week. While the market has already reacted to the news with HYBE’s share price dipping on Tuesday, the company has yet to issue a formal statement. For now, the "Hitman" Bang — as he is known to millions of fans — faces a battle to protect both his personal liberty and the reputation of the K-pop empire he built.
Also read: AI cannot replace live performances: Charlize Theron
Follow us
