Police move to arrest BTS mogul Bang Si-hyuk

Seoul: 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 through an investor fraud scheme.

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

In a statement to The Associated Press, Bang’s legal team did not directly address the accusations but expressed regret that police were seeking his arrest “despite our full and consistent cooperation with the investigation over an extended period.”

“We will continue to cooperate with all legal procedures and make every effort to clearly explain our position,” the statement said.

Bang, who has been barred from leaving the country since August, is under investigation over allegations that he misled investors in 2019 by telling them Hybe had no plans to go public. Prosecutors allege this prompted investors to sell their shares to a private equity fund before the company proceeded with an initial public offering. Police believe the fund may have paid Bang about 200 billion won ($136 million) in a side deal promising him 30% of post-IPO stock sale profits.

Hybe officials said Bang denies any wrongdoing.

Bang’s legal troubles mark a major public relations setback for Hybe, coming as BTS embarks on a global tour following a nearly four-year hiatus while the group’s members completed mandatory military service.

BTS performed in front of tens of thousands of international fans at a free comeback concert in Seoul last month and has since held several concerts in South Korea’s Goyang city and in Tokyo. The group is set to launch a series of U.S. events with a concert in Tampa, Florida, later this month.

Bang, a music executive and producer who founded Hybe as Big Hit Entertainment in 2005, is regarded as one of the most influential figures in K-pop and has leveraged BTS’s global success to build the company into an international pop powerhouse.

In 2021, Hybe spent about $1 billion to acquire Scooter Braun’s Ithaca Holdings, gaining management rights to artists including Justin Bieber and Ariana Grande.

While Hybe’s roster includes major K-pop acts such as Seventeen, Le Sserafim and Katseye, the company has faced turbulence in recent years, including a high-profile public dispute between Bang and star producer Min Hee-jin over the girl group NewJeans.

The rift erupted in 2024 when Hybe attempted to remove Min as CEO of Ador, the subsidiary managing NewJeans, while accusing her of attempting to illegally take control of the company. Min countered with allegations of hostile treatment and claims that Bang undermined NewJeans in favor of other groups. Members of NewJeans later attempted to leave the label, but a court ruled last year that they must honor their contracts through 2029.