Bang Si-hyuk, the influential founder and chairman of HYBE, is now under a travel ban as authorities continue investigating allegations of unlawful financial dealings that may have netted him nearly 190 billion won (approximately $138 million USD).
On October 1, the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit confirmed that Bang has been barred from leaving South Korea as part of a probe into suspected violations of the Capital Markets Act.
The allegations trace back to 2019, prior to HYBE’s initial public offering. Bang is accused of misleading early investors—including venture capital firms—by claiming that no IPO was planned. Investigators allege that this deception allowed a private equity fund, reportedly linked to former HYBE executives, to purchase company shares at favorable terms. When HYBE later went public, Bang allegedly reaped significant profits, pocketing an estimated 190 billion won in unfair gains.
Police have already raided both HYBE’s headquarters in Yongsan and the Korea Exchange in Yeongdeungpo as part of their investigation. Bang himself has undergone extensive questioning, reportedly enduring nearly 14 hours of interrogation during one session and more than 12 hours in another.
HYBE has issued a statement defending its chairman, expressing regret that Bang’s previous explanations to financial regulators were “not accepted.” The company emphasized that Bang had cooperated with inquiries and denied any attempt to seek personal profit tied to the IPO. HYBE also pledged to continue clarifying the allegations in order to “restore the trust of the market and stakeholders.”
The police investigation remains ongoing, and Bang Si-hyuk is expected to face further questioning in the coming weeks.