Prosecutors Overseeing Bang Si Hyuk’s Alleged Fraud Case Get Transferred

The investigative authorities who have been probing HYBE founder Bang Si Hyuk since December 2024 on suspicion of fraudulent trading (violation of the Capital Markets Act) have been subjected to reassignments, raising some eyebrows.

On January 29, KST, the Ministry of Justice implemented a large-scale reshuffling of prosecutors, supposedly to reorganize the prosecution ahead of its transition to the Public Prosecution Office in October. Around 569 senior prosecutors and 358 general prosecutors were affected in this move.

Consequently, the prosecutors overseeing the investigation into Chairman Bang were also reassigned. Choi Sang Hoon, deputy chief prosecutor of the Financial and Securities Crime Joint Investigation Division at the Seoul Southern District Prosecutors’ Office, was transferred to become head of the Crime Proceeds Recovery Division at the Busan District Prosecutors’ Office. His previous post was filled by Kim Soo Hee, a prosecutor from the Ulsan District Prosecutors’ Office.

Prosecutor Choi played a key role in overseeing two parallel investigations related to HYBE. He had been directing the Special Judicial Police (SJP) in the HYBE-related investigation and was also responsible for cases referred from the police, including warrant applications. Additionally, it was at Choi’s request that the court ordered the confiscation of Bang Si Hyuk’s HYBE shares last October.

With such key figures being reshuffled, the command line of the investigation team handling Bang’s case has been effectively replaced. In this situation, concerns have emerged about further delays in the probe. It is already unusual that the police have been investigating this case for more than a year. Initially, many in legal circles believed that, considering the timing of personnel changes, a conclusion would be reached within 2025.

After Bang’s HYBE shares were frozen through a court order, the final summons questioning took place last November. Since confiscation procedures usually happen before an indictment, many had expected prosecutors to file charges soon. However, according to the latest reports, the investigation is yet to reach any conclusion. The Seoul Metropolitan Police Agency also hinted in December that the investigation was in its final phase. However, it has yet to reach a conclusion, suggesting that the National Police Agency’s National Investigation Headquarters may be in disagreement with the Seoul Metropolitan Police Agency.

All in all, this report has raised questions about how fair the investigation into Bang Si Hyuk’s alleged crimes is going to be and whether the case will be pushed further back.