HYBE Chairman Bang Si Hyuk, police seizure and search warrant remanded for alleged fraudulent transactions

South Korean prosecutors have returned a warrant for a seizure investigation into the suspected violation of the Capital Markets Act by Bang Si Hyuk, chairman of HYBE. According to media reports on the 15th, the Seoul Southern District Prosecutors' Office of the Seoul National Police Agency's Financial Crimes Division
The police recently denied a search and seizure warrant for HYBE that they had applied for. On April 30, the police applied for a search and seizure warrant at the Seoul Southern District Prosecutors' Office, but it was returned. On the 28th of last month, the police again requested a search and seizure warrant.
In response to this, a Seoul Metropolitan Police Agency official said at a regular press conference on the 16th, "We have applied for a search warrant twice to the prosecution, but both were rejected.
"We have received a notice of a request for investigation," the company said. It then teased that the investigation would continue, saying, "Considering the seriousness of the case, we plan to rigorously conduct the necessary investigation."
Prior to this, in 2019, HYBE Chairman Bang Si Hyuk had actually gone public after explaining to existing HYBE investors that the company had no plans to go public.
The company is currently under police investigation after it made hundreds of billions of won in profits by promoting the venture. Chairman Bang Si Hyuk-HYBE is accused of fraudulent and unlawful trading under the Capital Markets Act.
The police have been under investigation since late last year. The police applied for a search warrant to the prosecutor's office, but it was turned down twice. However, the police attracted attention by announcing that they would continue the investigation.
It is being planned.