South Korean Police raided the headquarters of Hybe, the agency behind K-pop sensation BTS, in Yongsan, Seoul, around 9 a.m. Thursday, as part of an ongoing investigation into alleged stock fraud committed by business chairman Bang Si-hyuk.

All about the raid

The raid was carried out by the Seoul Metropolitan Police Agency's financial crime branch, which is probing charges that Bang misled early investors and made illicit gains worth over 400 billion won (approx. Rs 25000cr) ahead of the company's IPO in October 2020.

The search and seizure warrant was reportedly issued by the Seoul Southern District Court on Wednesday, making it the first time officials had executed one in connection with the case.