BTS agency HYBE raided over alleged fraud trading

HYBE, the bureau down K-pop megastars BTS, was raided by constabulary implicit allegations of fraudulent trading. Photo: ANTHONY WALLACE / AFP/File
Source: AFP

HYBE, the bureau down K-pop superstars BTS, was raided by constabulary connected Thursday successful transportation with alleged fraudulent trading involving its laminitis Bang Si-hyuk, investigators said.

"We are conducting a hunt and seizure astatine HYBE's office successful Yongsan District," Seoul constabulary said successful a little statement.

Bang, the mastermind down BTS, is nether probe implicit allegations that helium misled aboriginal investors to reap illicit profits from the company's 2020 archetypal nationalist offering.

He is accused of gaining astir 200 cardinal won (US$146 million) done the process, according to section reports.

HYBE has denied Bang committed immoderate wrongdoing.

"We volition dutifully clarify that the listing astatine the clip was carried retired successful compliance with each applicable laws and regulations," the institution said successful aboriginal July, pledging "active cooperation" with authorities to get to the bottommost of the case.

Bang allegedly misled HYBE's aboriginal investors, who held pre-IPO shares, by telling them successful 2019 helium had nary plans to instrumentality the institution public.

He past allegedly encouraged them to merchantability their shares to backstage equity funds erstwhile successful information IPO program was successful the making.

HYBE went nationalist successful 2020, aft the shareholders sold their stakes.

The 52-year-old is accused of secretly striking a woody with the backstage equity funds to person a information of the profits they made from selling shares aft the IPO.

2026 comeback

The probe comes arsenic each 7 BTS members implicit their mandatory subject work and hole for a comeback adjacent year.

HYBE announced this period that a caller medium and satellite circuit were scheduled for 2026.

BTS, known for championing progressive causes, holds the grounds arsenic the most-streamed radical connected Spotify and became the archetypal K-pop enactment to apical some the Billboard 200 and Billboard Artist 100 charts successful the United States.

Before their subject service, BTS generated much than 5.5 trillion won ($4 billion) successful yearly economical impact, according to the Korea Culture and Tourism Institute.

That accounts for astir 0.2 percent of South Korea's full GDP, according to authoritative data.

There had been statement implicit whether BTS should beryllium granted exemptions from subject work -- sometimes granted to Olympic medallists and classical artists who triumph apical planetary awards -- but popular stars bash not suffice nether South Korean laws.

With the deficiency of nationalist statement connected the matter, the members enlisted individually, opening successful precocious 2022.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: AFP