Bang Si Hyuk is under fire as prosecutors raid HYBE headquarters over fraud suspicions.
On July 24, Seoul Metropolitan Financial Crime Investigation Unit searched HYBE’s Yongsan-gu offices. The probe targets allegations against Chairman Bang Si Hyuk for illegal transactions.
Bang is accused of misleading HYBE investors in 2019. He allegedly told them no IPO was planned, pushing them to sell shares. But then HYBE proceeded with an IPO, netting billions in profit.
He’s also charged with having investors sell stocks to a special purpose corporation (SPC) tied to a private equity fund. Two of the three fund executives are HYBE insiders linked closely to Bang.
Police first applied for a search warrant on July 17. That warrant faced rejection amid leadership conflicts, delaying the case to the Financial Supervisory Service’s special prosecutors on July 21. Now, the warrant has been approved.
“HYBE’s Bang Si Hyuk Facing Potential Prosecution Over Alleged Illegal Activities Following Investigation”
The investigation is heating up as authorities dig deeper into Bang’s alleged misconduct.
