K-pop mogul Bang Si-hyuk faces arrest over fraudulent trading allegations

South Korean police have requested a court warrant to arrest Bang Si-hyuk, founder of Hybe and creator of the globally successful boy band BTS, on charges of fraudulent trading.

Authorities allege that Bang misled investors in 2019 by denying plans for a public listing of his company while secretly preparing for it.

Hybe, valued at $7.3 billion, went public on South Korea's Kospi stock exchange in October 2020.

Police claim Bang profited approximately 200 billion won (around $136 million) from the alleged deception.

Bang denies all allegations and maintains that his actions were lawful.

The investigation has included raids at Hybe's headquarters, freezing of some of Bang's assets, and a travel ban imposed on him since August.

The case continues amid BTS's comeback world tour, which began after a nearly four-year hiatus and is expected to generate over $1 billion in revenue for Hybe.

This development is significant as it involves a high-profile figure in the entertainment industry and raises concerns about corporate governance and investor trust in South Korea's booming K-pop sector.

The company's shares reached a four-year high following the announcement of BTS's world tour, highlighting the group's economic impact.

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