HYBE chairman Bang Si Hyuk is under police investigation for suspected fraudulent illegal transactions.
The Seoul Regional Tax Office’s Investigation Bureau 4 has targeted HYBE in a sweeping tax probe. On July 29, the National Tax Service announced a planned tax investigation on 27 individuals suspected of stock market manipulation and illicit profits. HYBE ranked first in the entertainment sector among those targets.
Investigators raided HYBE’s Yongsan headquarters without prior notice, seizing data relevant to the tax investigation. The probe began back in 2022 when a regular tax audit uncovered billions in back taxes owed by HYBE.
Sources reveal multiple individuals manipulated the stock market over the past two years to gain unlawful earnings. Judicial police from the Financial Supervisory Service are also involved, working alongside prosecutors.
The police started looking into Bang Si Hyuk in December last year. Initial search warrant requests were rejected twice before approval on the third attempt.
“Authorities Make Official Decision On Bang Si Hyuk’s Fraud Accusations, Netizens Cheer”
Tax authorities confirmed their surprise tax investigation on alleged stock manipulation and evasion on 27 suspects, with HYBE as the prime entertainment target.
“Police Begin Search And Seizure At HYBE Headquarters”
The situation is heating up as authorities hammer down on one of K-pop’s biggest companies and its founder. Fans and netizens remain watchful as investigations continue.
