On April 22, 2026, it was widely reported that HYBE chairman Bang Si-hyuk allegedly replaced both of his mobile phones shortly before his first police summons in September. This has significantly impacted the ongoing 129 million USD (approximately 190 billion won) IPO fraud investigation.
The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit highlighted this behavior in their rationale for seeking an arrest warrant, stating:
“The conflicting statements of the suspects and the detection of indications of evidence destruction likely heightened the need to secure his custody.”
According to a comprehensive report by the Korea Economic Daily, the scope of the alleged financial misconduct is extensive. The police estimate that Bang Si-hyuk and other involved parties reaped illicit profits totaling approximately 260 billion won through the HYBE IPO process. The Korea Economic Daily reports that Bang Si-hyuk‘s individual share of the illicit gains is estimated at approximately 160 billion won.
The investigation by the Seoul Metropolitan Police Agency focuses on claims that Bang Si-hyuk misled early investors in 2019 by suggesting there were no immediate plans for an IPO. This allegedly induced shareholders to sell their stakes to a private equity fund at a lower valuation.
After this, Bang Si-hyuk reportedly received a 30% share of the exit profits following the company‘s actual listing. His legal team maintains that he has cooperated sincerely with the investigation and views the revenue as a legitimate benefit for bearing financial risks.
The Seoul Metropolitan Police Agency continues to treat the pre-summons replacement of his mobile devices as a primary indicator of potential evidence tampering.
US requests to lift HYBE’s chairman Bang Si-hyuk’s travel ban
A separate report by TV Chosun on April 19, 2026, revealed that the United States Embassy in Seoul sent a formal letter of cooperation to the Acting Commissioner General of the Korean National Police Agency. The letter was delivered earlier in April to request that the overseas travel ban on Bang Si-hyuk and other senior executives be lifted to facilitate international business activities.
The TV Chosun report notes that the embassy specifically requested travel clearance for HYBE chairman Bang Si-hyuk, CEO Lee Jae-sang, and Vice President Kim Hyun-jung. The stated reasons included their attendance at events commemorating the 250th anniversary of United States independence on July 4 and providing essential support for the US leg of the BTS world tour.
As reported by The Korea Herald, HYBE has denied requesting embassy intervention. The company stated that Bang Si-hyuk has not received an official invitation for the July 4 celebrations and that no travel plans have been confirmed.
The Seoul Metropolitan Police Agency continues to enforce the travel ban, which has been in place since August 2025, citing concerns over potential contact with witnesses currently residing in the United States.
Edited by Toshali Kritika