South Korean police seek indictment of K-pop mogul behind BTS

South Korean police are seeking an indictment against music mogul Bang Si-hyuk, the CEO of Hybe, the agency behind the K-pop supergroup BTS, for alleged investor fraud, according to the Seoul Metropolitan Police Agency and the Seoul Southern District Prosecutors' Office. The police are accusing Bang of violating the Capital Markets Act after allegedly misleading investors in 2019 by stating that Hybe had no immediate plans to go public, which led investors to sell their shares to a private equity fund before Hybe proceeded with an initial public offering.

The police claim that the fund might have paid Bang around 200 billion won (US$147 million) in a side deal promising him 30 percent of post-IPO stock sale profits. Four other individuals, including Hybe executives and officials from the private equity fund, have also been referred to prosecutors for potential indictment. Bang's legal team has consistently denied any wrongdoing, stating that they will present objective evidence and facts to resolve the allegations through the legal process.

Despite previous police attempts to arrest Bang in April and May, prosecutors rejected those requests, citing insufficient grounds and non-compliance with their demands for further investigation. The legal troubles of Bang have gained attention after BTS returned and embarked on a highly anticipated world tour earlier this year, following a four-year hiatus due to the band members' mandatory military service in South Korea.