South Korean police have executed an extensive search of HYBE’s headquarters as part of an ongoing investigation into founder Bang Si Hyuk’s alleged fraudulent stock dealings.
According to officials, the Financial Crime Investigation Division of the Seoul Metropolitan Police obtained a month-long search warrant, valid until August 16(KST).
The warrant also includes a rare clause permitting execution during pre-dawn and post-sunset hours, bypassing typical restrictions under Article 125 of the Criminal Procedure Act.
The scope of the search is described as unusually broad, covering not only the chairman’s office, secretariat, finance, accounting, and legal departments, but also any other unnamed departments where relevant materials might be stored.
Bang is suspected of misleading early investors back in 2019—prior to HYBE’s IPO—by allegedly claiming there were no public offering plans, while simultaneously arranging the sale of company shares to a special purpose entity linked to his own private equity ties.
Authorities believe this aggressive raid reflects the current administration’s strong stance against market manipulation.
Last month, President Lee Jaemyung emphasized the need for strict enforcement, stating, “We must make it clear that manipulating the Korean stock market comes with devastating consequences.”
Although the police confirmed that the raid at HYBE’s Yongsan headquarters has concluded, the investigation continues in coordination with the Financial Supervisory Service’s special judicial police and prosecution authorities.
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