HYBE agency raided over alleged fraud by BTS founder
Bang, the 52-year-old mastermind behind BTS, is under scrutiny for allegedly misleading early investors ahead of HYBE's 2020 initial public offering (IPO). Local reports claim he gained around 200 billion won ($146 million) by encouraging pre-IPO shareholders to sell their stakes to private equity funds while secretly planning the listing.
HYBE has denied any wrongdoing. 'The IPO was conducted in full compliance with regulations,' the company stated earlier this month, pledging full cooperation with authorities.
The investigation coincides with BTS' anticipated 2026 comeback following the completion of mandatory military service by all seven members. HYBE recently announced a new album and world tour for next year.
Before enlistment, BTS contributed over 5.5 trillion won ($4 billion) annually to South Korea's economy, roughly 0.2% of GDP, according to the Korea Culture and Tourism Institute. Despite public debate, the group did not qualify for military exemptions under current laws. - AFP
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