On the night of September 15 at around 11:47 PM, Bang concluded his interrogation at the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit. He was questioned as a suspect on charges of fraudulent transactions in violation of the Capital Markets Act, beginning at 10 AM that morning and lasting nearly 14 hours.

When pressed by reporters about allegations of market manipulation, Bang remained silent and quickly entered his vehicle. Earlier that morning, before entering the police station, he briefly addressed the press, saying, “I deeply apologize for causing concern with this matter. I will faithfully participate in today’s investigation.” However, to direct questions such as whether he ordered the sale of shares during the IPO process or denied listing plans, he responded only with, “I will answer during the investigation.”

Investigators are believed to have focused on Bang’s intent and whether there was a causal link to investor damages. If it is proven that his statements denying IPO plans were false and that he profited directly, the fraudulent transaction charge could stand.

Bang Si Hyuk police investigationpeople' 'man' 'glasses' 'suit' 'microphone.

The allegations trace back to 2019, before HYBE’s public listing. Bang and executives are accused of misleading early investors by claiming there were no IPO plans, thereby pushing them to sell their shares to a special purpose company (SPC) set up by a private equity fund formed by HYBE insiders. However, during that same period, HYBE was reportedly already undergoing pre-IPO steps such as applying for a designated auditor.

Bang allegedly went on to secure unlawful gains of around 190 billion KRW (approx. USD 140 million) through profit-sharing arrangements tied to the sale.

The case escalated after police raided HYBE headquarters in July, and prosecutors later received a complaint from financial regulators, assigning the case to the Seoul Southern District Prosecutors’ Office’s Financial Crimes Investigation Division. The National Tax Service also launched a tax probe into HYBE in July.

Sources: nate