“South Korean police said Tuesday they are seeking to arrest music mogul Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, as they expand an investigation into allegations that he illegally gained more than $100 million in an investor fraud scheme.”

“The Seoul Metropolitan Police Agency confirmed that it has asked prosecutors to request a court warrant for arresting Bang, the billionaire founder and chairman of Hybe.”

“Bang, who has been barred from leaving the country since August, is being investigated over allegations that he misled investors in 2019 by telling them Hybe had no plans to go public, prompting them to sell their shares to a private equity fund, before the company proceeded with an initial public offering.”

“Police believe that the fund may have paid Bang around 200 billion won ($136 million) in a side deal that promised him 30% of post-IPO stock sale profits.”

“Bang, a music executive and producer who founded Hybe as Big Hit Entertainment in 2005, is widely seen as one of the most powerful figures in K-pop and has sought to capitalize on the global success of BTS to build his company into an international pop powerhouse.”

“The rift erupted in 2024 when Hybe attempted to remove Min as CEO of Ador, the subsidiary managing NewJeans, while accusing her of illegally attempting to take control of that company.”

“Min, in turn, accused Bang of hostile treatment and of undermining NewJeans in favor of other groups, as the dispute moved into the courts.”