Bang Si Hyuk faces fresh heat as prosecutors reject police search warrant again in HYBE fraud probe.
The Seoul Southern District Prosecutors’ Office turned down the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit’s request on June 15. This is the second denial after an earlier rejection in April.
Police are investigating suspected fraudulent trading involving Bang and a private equity fund linked to HYBE. They suspect HYBE misled investors by denying IPO plans while secretly preparing one.
Without the search warrant, the police’s ability to gather key evidence is limited. Tensions between police and prosecutors are running high.
Inside the force, frustration grows. One officer said:
“When we request a warrant, prosecutors gain access to all our investigation details. If they later reject the warrant claiming the case is redundant, it naturally raises suspicions that they’ve taken our investigation information for themselves.”
— Police official
No end to the standoff is in sight as police and prosecutors dig in. The investigation drags on with no breakthrough yet.
