HYBE’s chairman, Bang Si-hyuk, has been under investigation for a while. As of May 2026, the South Korean police have placed an overseas travel ban on him while they investigate his alleged illegal activities. The U.S. Embassy’s request to the Seoul government to lift the exit ban on the chairman has infuriated the locals.
More than 500 people gathered in a rally outside the U.S. Embassy in Gwanghwamun to protest against the involvement of foreigners in domestic affairs, as reported by Korea JoongAng Daily on May 3, 2026. The protesters condemned the interference of the U.S. Embassy by holding placards and chanting in unison.
Additionally, people participating in the rally were recognized as a civic group named Canglelight Action. They marched from the Jonggak Station to the embassy despite the local police warning them over loudspeakers a couple of times. However, the rally dispersed after they complied with the police’s instructions.
Why was Bang Si-hyuk placed under a travel ban?
The chairman of HYBE and creator of the K-pop supergroup, BTS, had allegedly indulged in fraudulent and unfair trading practices. He was also suspected of misleading investors in 2019 regarding profit-sharing gains. Si-hyuk is also under investigation for his illegal dealings in the stock market that violated the Capital Markets Act.
The South Korean government placed a travel ban on him starting from August 2025. The U.S. Embassy in South Korea appealed to the country’s police department to lift his exit ban amidst BTS’ ongoing world tour. This concerned investigators as they suspected the music executive’s connections from the west trying to exercise their authority.
Following the escalation in this case, the South Korean Police Department issued an arrest warrant for Si-hyuk on April 21, 2026. Due to insufficient evidence against the 53-year-old, the Seoul Southern District Prosecutors’ Office didn’t allow the arrest as it required more investigation.
Bang Si-hyuk remains under active investigation as South Korean police prepare to bring a second arrest warrant for him
After the prosecutors’ office denied the first arrest warrant against him, the police continued their investigation, reportedly preparing to re-file a second warrant. Bang Si-hyuk is currently charged with embezzlement of billions in local currency.
A press meet was held on April 27, 2026, where an official from the National Police Agency detailed progress reports on the ongoing investigation. The official revealed:
“The prosecution has requested supplementary investigation, and we are diligently reviewing those points. It is difficult to predict at this stage whether we will re-file the warrant.”
The history of Bang Si-hyuk’s case traces back to 2019, when HYBE was still operating as Big Hit Entertainment. He has allegedly informed his investors that there were no plans for HYBE to go public, influencing the investors to sell their shares. Further investigations revealed how the conglomerate was already in advanced stages of listing and even requested an auditor review.
He allegedly made agreements with a fund to share 30% of the company’s post-IPO profits and reportedly bagged almost $129 million in the process. Bang Si-hyuk was questioned several times by the police authorities, but he continued to deny the allegation. The police also raided the HYBE headquarters.
HYBE has witnessed its first major financial boost in 2026 with the return of BTS and the start of their ARIRANG World Tour. The total income generated by the parent company of Big Hit Entertainment spiked to 689.3 billion won (approximately $500 million) in the first quarter of the year.
Edited by Rima Biswas
