Authorities Suddenly Show Up At HYBE Without Any Notice
HYBE’s chairman Bang Si Hyuk, is under police investigation for suspicion of fraudulent illegal transactions.
Authorities Make Official Decision On Bang Si Hyuk’s Fraud Accusations, Netizens Cheer
Recently, the Seoul Regional Tax Office’s Investigation Bureau 4 has set its sights on HYBE.
On July 29, the National Tax Service launched a planned tax investigation targeting 27 tax evaders who manipulated the stock market to gain illicit profits.
It was confirmed that HYBE ranked first in the entertainment sector among the targets of this investigation.
According to the entertainment agencies, the Seoul National Tax Service’s Investigation Bureau 4 deployed investigators to HYBE’s headquarters in Yongsan without prior notice and are currently depositing all data needed for the tax investigation.
The tax investigation for HYBE began three years ago in 2022. At that time, Bureau 1 conducted a regular tax audit against HYBE, resulting in billions in back taxes.
It was also revealed that many individuals also manipulated the stock market and gained illicit profit over the past two years.
During the morning briefing, they said they had launched a surprise tax investigation for 27 individuals suspected of manipulating the stock market and tax evasion through illegal practices.
Meanwhile, judicial police officers from the Financial Supervisory Service, who are under the direction of the police and prosecution, are simultaneously conducting the investigation into HYBE and Bang Si Hyuk.
The police started their investigation in December last year, but the search warrants were rejected twice before finally being issued on their third application.
