Bang Si Hyuk, founder and chairman of HYBE — the man credited with giving BTS their global recognition — has been barred from leaving South Korea. Police are investigating him in connection with a $140 million IPO scandal.

The case, which had been dormant for years, resurfaced after BTS members were fully discharged from the military. The group has announced a major album comeback for 2026, but HYBE’s mounting legal troubles could impact these plans.

Police Take Strict Action
On August 11, the Seoul Metropolitan Police Agency’s Financial Crimes Unit confirmed that Bang was banned from traveling abroad, immediately after his return from a U.S. business trip. Known as “Hitman Bang,” the producer is accused of violating the Capital Markets Act dating back to 2019.

According to the complaint, before HYBE’s IPO, Bang told investors that there were no plans for a stock market listing, while secret preparations were already underway. As a result, some investors sold their shares to a special purpose company (SPC) linked to HYBE executives. Once HYBE went public, the SPC made huge profits. Investigators allege that Bang personally pocketed nearly 190 billion won (about USD 138 million).

Police had raided the Korea Exchange on June 30, 2024, and HYBE’s Yongsan headquarters on July 24, 2024. Bang has already been questioned twice — on September 15 and September 22. Prosecutors are now considering whether to formally indict him. If found guilty, he could face prison time.

Is BTS’s Comeback at Risk?
BTS members are not directly linked to the case. However, Jin, Jimin, Jungkook, RM, V, Suga, and J-Hope all own HYBE shares valued at over USD 7.8 million each. Bang still remains the largest individual shareholder, with a 31.8% stake worth around USD 2.5 billion.

While BTS’s brand strength is powerful enough to carry them independently, HYBE’s legal issues could affect their comeback promotions. Other HYBE groups — SEVENTEEN, NewJeans, LE SSERAFIM, and ENHYPEN — might also face setbacks, as advertisers usually distance themselves from companies under investigation.

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HYBE’s Response
HYBE has denied all allegations, claiming that the IPO process was carried out in full compliance with the law. Still, when news of the investigation broke in early July, HYBE’s stock dropped by nearly 6%.

Among fans, opinions are divided. Many ARMY members continue to support BTS, separating them from HYBE’s troubles, while others are demanding more transparency from the company about how this case could impact BTS’s future.