Bang Si-hyuk, Chair Of BTS Agency HYBE, Faces Arrest In South Korea

South Korean police are seeking an arrest warrant for Bang Si-hyuk, the chair of BTS agency HYBE, over an alleged investor fraud scheme.

The music mogul is facing arrest after the Seoul Metropolitan Police Agency expanded an investigation alleging Bang illegally gained more than $100M, requesting a court warrant from Bang’s arrest, the Associated Press reported.

A statement from Bang’s legal counsel said in a statement to Deadline: “We regret that a detention warrant has been sought despite our full and consistent cooperation with the investigation over an extended period. We will continue to cooperate with all legal procedures and will make every effort to present our position clearly.”

Bang has previously denied wrongdoing.

The allegations against Bang arose in November last year that he had told investors back in 2019 that K-pop giant HYBE had no plans to go public, which convinced them to sell shares to a private equity. An IPO then followed and Police believe Bang could have made around ₩190B ($130M) through a deal with the fund.

Bang is the chair and founder of HYBE, best known for housing K-pop supergroup BTS and others such as Tomorrow X Together, Seventeen Le Sserafim. He is widely seen as one of the most powerful players in the global K-pop phenomenon and one of South Korea‘s most well-known media moguls.

HYPB operates in the music, management, technology and lifestyle spaces. Initially known as Big Hit Entertainment, HYBE was formed in 2021 after a restructuring.

Bang’s issues cause a problem for BTS, which recently reformed after a four-year hiatus partially caused by South Korea’s requirement of military service. They performed at a free concert is Seoul last month and since performed in Goyang and the Japanese capital of Tokyo. They are due to kick off a series of U.S. performances later this month. Bang has faced travel restrictions since coming under investigation, but the U.S. Embassy in Seoul has requested he is allowed to travel into the States to participate in the world tour.