The Seoul Southern District Prosecutors’ Office in South Korea has rejected an arrest warrant application for Bang Si-hyuk, founder and chairman of HYBE, the agency behind the globally popular band BTS. Prosecutors cited insufficient evidence regarding allegations of fraudulent and unfair trading practices under the Capital Markets Act. The police, specifically the Seoul Metropolitan Police Agency’s Financial Crime Investigation Division, had filed the warrant request earlier this week, alleging Bang's involvement in misleading investors before HYBE's public offering. The investigation began in December 2024, focusing on claims that Bang made undisclosed profit-sharing deals with private equity funds while denying any plans for an Initial Public Offering (IPO). If the allegations are proven true and the gains exceed 5 billion KRW (approximately $3.64 million USD), Bang could face severe penalties, including a minimum of five years in prison or life imprisonment. Despite being questioned multiple times, Bang has consistently denied any wrongdoing.