HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said
“We are conducting a search and seizure at HYBE’s headquarters in Yongsan District,” Seoul police said in a brief statement.
Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company’s 2020 initial public offering.
He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports.
HYBE has denied Bang committed any wrongdoing.
“We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,” the company said in early July, pledging “active cooperation” with authorities to get to the bottom of the case.
Bang Si-hyuk allegedly misled HYBE’s early investors in 2019 by claiming he had no plans for an IPO, then encouraged them to sell their shares to private equity funds—despite plans already underway to go public. HYBE listed in 2020, and Bang is accused of secretly arranging to receive part of the profits made by the funds after the IPO.
The probe comes as BTS prepares for a 2026 comeback, with all members set to complete military service. A new album and world tour are in the works. Before enlisting, BTS generated over $4 billion annually, accounting for 0.2 percent of South Korea’s GDP. Though there were calls for exemptions, all seven members enlisted individually starting in late 2022.
