South Korean police seek to arrest K-pop mogul behind BTS

SEOUL, South Korea (AP) — South Korean police said Tuesday they are seeking to arrest music mogul Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, as they expand an investigation into allegations that he illegally gained more than $100 million in an investor fraud scheme.

The Seoul Metropolitan Police Agency confirmed that it has asked prosecutors to request a court warrant for arresting Bang, the billionaire founder and chairman of Hybe.

Bang’s legal team in a statement to The Associated Press did not directly address the accusations but expressed regret that police were seeking his arrest “despite our full and consistent cooperation with the investigation over an extended period.”

“We will continue to cooperate with all legal procedures and make every effort to clearly explain our position,” the statement said.

Bang, who has been barred from leaving the country since August, is being investigated over allegations that he misled investors in 2019 by telling them Hybe had no plans to go public, prompting them to sell their shares to a private equity fund, before the company proceeded with an initial public offering. Police believe that the fund may have paid Bang around 200 billion won ($136 million) in a side deal that promised him 30% of post-IPO stock sale profits.

Hybe officials say Bang denies any wrongdoing.

Bang’s legal troubles are a major public relations setback for Hybe, coming as BTS embarks on a glob...