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Korea Herald
6 days ago
- Business
- Korea Herald
Police raid Hybe headquarters over chairman Bang Si-hyuk's alleged pre-IPO stock fraud
Police raided the headquarters of Hybe, the agency behind K-pop phenomenon BTS, in Yongsan, Seoul, at 9 a.m. Thursday, as part of an ongoing probe into alleged stock fraud by company chairman Bang Si-hyuk. The raid was carried out by the financial crime unit of the Seoul Metropolitan Police Agency, which is investigating allegations that Bang misled early investors and earned illicit gains worth nearly 400 billion won ($292.7 million) ahead of the company's initial public offering in October 2020. The Seoul Southern District Court reportedly issued the search and seizure warrant on Wednesday, marking the first time authorities have executed a warrant in connection with the case. Hybe said it has no official statement on the matter. Police also declined to comment, saying, 'No specific details can be confirmed at this time.' The operation comes a week after the Securities and Futures Commission under the Financial Services Commission filed a criminal complaint against Bang, accusing him of violating the Capital Markets Act by engaging in unfair trading practices. Police had previously requested search warrants on April 30 and May 28, but prosecutors rejected both. The revised warrant was granted after the commission's formal complaint on July 16.
Time of India
6 days ago
- Business
- Time of India
Police raid HYBE headquarters: K-pop giant under fire over chairman Bang Si-hyuk's alleged IPO scandal
In a shocking turn of events for the K-pop industry, authorities raided HYBE's Yongsan headquarters on Thursday (July 24) as part of an ongoing investigation into alleged stock fraud by chairman Bang Si-hyuk. According to The Korea Herald, the Seoul Metropolitan Police Agency is investigating allegations that Bang Si-hyuk misled early investors and accumulated illegal profits totaling hundreds of billions of won prior to HYBE's high-profile IPO in 2020. This scandal will surely threaten to shake the very foundation of the powerhouse behind global superstars like BTS, TXT, SEVENTEEN, and many more artists. Bang Si-hyuk accused of misleading investors ahead of IPO The founder of Big Hit Entertainment, which later became HYBE - is under investigation for allegedly deceiving early investors in late 2019. Reports suggest the Bang Si-hyuk told them the company had no plans to go public, prompting them to sell their shares. He then allegedly pushed forward with HYBE's initial public offering, securing profits estimated in the hundreds of billions of won. Investigators are also looking into whether Bang Si-hyuk facilitated the sale of these investors' shares to a special purpose business formed by a private equity firm. Notably, two of the fund's three registered officers at the time were allegedly former HYBE workers and known close associates of Bang Si-hyuk. The Seoul Metropolitan Police applied for a search warrant on July 17, targeting HYBE's Yongsan headquarters and other related locations. However, jurisdiction over the case has become a point of contention. On Monday, the Financial Supervisory Service's special investigation team was granted authority over the probe by the Seoul Southern District Prosecutors' Office - raising concerns about conflicting approaches and priorities in the ongoing investigation. For all the latest K-drama, K-pop, and Hallyuwood updates, keep following our coverage here.
Time of India
7 days ago
- Time of India
Airline staffer charged with leaking BTS flight schedule; allegedly sold info to brokers
Recently, an airline staff member was indicted on the grounds of illegally spreading private information about BTS. Allegedly, the person sold the K-pop group's flight schedule to brokers online, who further sold the information to 'fans' who paid the right amount. Tired of too many ads? go ad free now Airline staff charged for sharing flight schedule According to The Korea Times, three people were arrested by the Seoul Metropolitan Police Agency's cybercrime unit at the beginning of this year, one of whom was an employee at an airline. Investigation into the matter led the police officials to discover financial records and other incriminating evidence that pointed towards the fact that the three individuals had been selling private information of BTS, as well as other artists, to brokers online. A statement from the report read that, 'Other HYBE artists, as well as those from different entertainment agencies, were also targeted. For example, a hardcore fan used that information to purchase a seat near an idol group and stalked the members during the flight'. Fans would then use this private information to access the same flights as their favourite idols. Company to take strict action BTS's management agency also issued a statement regarding further actions in the case. They promised that they would be taking the case seriously and would be proceeding with legal proceedings as required. Their statement read, 'We will respond firmly and hold those responsible fully accountable, with zero tolerance and without offering any settlements or leniency, for the criminal act of commercialising and trading artists' personal information'.
Indian Express
7 days ago
- Entertainment
- Indian Express
BTS military information used in insider trading; multiple HYBE staffers sentenced to prison
On July 22, just hours after the Seoul Metropolitan Police Agency's Cyber Investigation Unit confirmed the indictment of a few airline staffers for leaking BTS members' flight details, three individuals linked to HYBE were busted for insider trading. Months before the official military enlistment announcement, whispers about the band taking a hiatus had already triggered a panic. HYBE's stock took a hit as investors feared the K-pop sensation wouldn't return as OT7, sparking outrage across social media. Now it turns out some insiders with access to confidential information sold their HYBE shares before the company went public with the news. Also read: BTS' RM and Jungkook admit Kim Taehyung has changed: 'We can't keep up anymore, he's stronger' On June 14, 2022, BTS posted a video announcing their hiatus because of military service, starting with Jin. The very next day, HYBE's stock price crashed nearly 25%. Turns out, a few employees had already sold their shares before the crash, knowing what was coming and further fueling disbandment rumours. According to Korea JoongAng Daily, the Seoul Southern District Court on Tuesday sentenced a 37-year-old HYBE employee (surname Kim), who worked at subsidiary SOURCE Music, to 10 months in prison, suspended for two years, with a ₩231 million ($167K) fine. Another was a former BigHit Music staffer (33, surname Lee), handed six months suspended and fined ₩51 million ($37K). A third, from Belift Lab (41, also Kim), got the same sentence and a ₩65 million (~$47K) fine. The defendants saved around ₩230 million in losses. The court further ordered them to pay back the exact amount they earned via this illegal act. 'In an entertainment company, an artist's activities have a significant impact on revenue, so whether they continue or suspend activities is a highly sensitive matter,' the court ruling said. 'This offence constitutes a serious crime that undermines the fairness of the capital market and warrants strong social condemnation.' Also read: Ahn Hyo Seop reveals how 'senior' Lee Min Ho treated him on Omniscient Reader set: 'I've admired him for years, he made me feel…' In a totally separate case but involving the same breach of privacy, a foreign airline worker (called Mr. A) was caught selling BTS's private flight information. This information not only involved just the K-pop stars' info but also another top Korean celebrities. According to the reports, Mr. A used his access as an airline employee to extract confidential flight details, including boarding time, destination, and others. He then sold those to brokers for cash, tens of millions of won. Further, these brokers spread it on encrypted apps, group chats, DMs, and sold it to sasaengs (obsessive fans) who are often caught stalking and forcefully trying to enter celebs' personal space. The three suspects were sent to the Seoul Central District Prosecutors' Office on charges of violating the Information and Communications Network Act and other related offences, according to Allkpop. The matter turned dangerous as some fans began buying seats on the same flights as idols. Others, with a history of tampering, messed with seat bookings, meal orders without consent, or even cancelled entire flights by tweaking reservations or seat preferences. Not only did this meddle with idol schedules, but it also put everyone's safety at risk. Once the situation spiralled with repeated offences, HYBE, BTS's label, formed a task force to trace the leaks. Their staff dug into chat logs, money trails, and account details and handed everything to the police. That helped speed up the investigation, leading to Mr. A's arrest in February 2025, followed by two more in March. All three are now being prosecuted.
The Star
22-07-2025
- The Star
Trio sent to prosecutors in S. Korea for illegally selling BTS' flight information
SEOUL: Three people, including an employee at a foreign airline, were referred to the prosecution in South Korea for illegally obtaining and selling the flight information of celebrities, including K-pop group BTS (pic), industry sources said on Tuesday (July 22). The foreign airline employee is suspected of illegally obtaining the flight information of BTS members and other major celebrities and handing it over to accomplices, who then sold it through direct messages or open chat rooms on social media platforms. The Seoul Metropolitan Police Agency's cyber investigation unit, which has been handling the case, reportedly secured evidence showing how the employee illegally accessed internal airline information and engaged in financial transactions with the accomplices. Although the exact amount was not disclosed, the employee allegedly received tens of millions of won in return. Hybe, the South Korean entertainment company behind BTS, Seventeen and Enhypen, was found to have played a key role in advancing the investigation. The company set up a task force in 2023 to address the leak of its artistes' flight information. Through continuous monitoring, the team identified multiple social media accounts involved in the illegal trade of such data and submitted evidence to the police. This ultimately led to the arrest of the airline employee in February, followed by two additional suspects in March. The Korean entertainment industry has repeatedly raised concerns about the continued leaking of celebrities' flight booking details, often exploited by so-called 'sasaeng' fans, a Korean term for overzealous followers, who purchase the information to board the same flights as celebrities. Some even go as far as changing in-flight meal options or trying direct contact mid-flight. There have been extreme cases where fans cancelled their favourite stars' bookings or changed seat assignments. 'The recent case makes it clear that leaking and selling personal information is a criminal offence. We expect (the case) to serve as a strong deterrent against similar crimes in the future,' an industry insider said. Hybe stated that it will continue to cooperate fully with the ongoing investigation and upcoming legal proceedings. 'We maintain a zero-tolerance policy towards crimes that commercialise and traffic in artistes' personal information. There will be no compromise or leniency. Everyone involved will be held fully accountable,' the company said. - The Korea Herald/ANN
