BTS agency HYBE raided by S. Korean police over founder's alleged RM600m IPO fraud
'We are conducting a search and seizure at HYBE's headquarters in Yongsan District,' the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency said in a brief statement.
Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public offering.
He is accused of gaining around 200 billion won (approximately RM616,000) through the process, according to local reports.
HYBE has denied Bang committed any wrongdoing.
'We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,' the company said in a statement in early July, pledging 'active cooperation' with authorities to get to the bottom of the case.
The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year.
HYBE announced earlier this month that a new album and world tour were scheduled for 2026.
BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the US.
Before their military service, BTS generated more than 5.5 trillion won (RM16.9 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute.
That accounts for roughly 0.2 per cent of South Korea's total GDP, according to official data. — AFP
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