On July 29 (KST), the Seoul National Tax Service’s Investigation Bureau 4 launched an unannounced raid on HYBE’s Yongsan headquarters as part of a larger investigation involving 27 companies accused of tax evasion and stock manipulation. The latest revelation centers around NewJeans’ collaboration with PUBG: Battlegrounds, in which HYBE reportedly signed a ₩10 billion KRW (approx. $7.19 million USD) contract with Krafton. However, the document shows that ₩4.10 billion KRW (around $2.95 million USD) was siphoned off by HYBE IM, a subsidiary.

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Although HYBE later returned ₩1.60 billion KRW ($1.15 million USD) after being exposed, the move only fanned the flames of criticism. The figures align with previous allegations that HYBE had been “stealing” profits from ADOR, NewJeans‘ agency, to bolster the books of HYBE IM.

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As reports of HYBE allegedly siphoning off a portion of NewJeans’ contract fees resurface and go viral, online communities are abuzz with anger and disbelief. Netizens expressed frustration, particularly in the absence of Min Hee-jin, suggesting that the company operated unchecked.

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Here’s what some users had to say:

  1. “Now that Min Hee-jin is gone, they just did whatever they wanted. Wow.”
  2. “Wow…”
  3. “This is going to affect the trial, right?”
  4. “Wasn’t this already revealed before and just buried? Let everything come out now.”
  5. “They really scammed people and pocketed a ton of money.”
  6. “Does this mean the investigation is getting deeper now? Or did this come out because of the 4th bureau’s probe?”

What’s even more disturbing is that some users claim the amount siphoned was initially around ₩500 million KRW ($360,000 USD), but ballooned to ₩4.1 billion after Min Hee Jin’s departure as ADOR CEO.

This incident is said to be just one among several financial irregularities currently being examined by the Investigation Bureau 4. The mounting revelations are now raising serious questions about corporate transparency and internal ethics at HYBE. As public trust in the company continues to erode, many are calling for stronger accountability and protection for artists like NewJeans, who are caught in the crossfire of corporate maneuvering.

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