**South Korean authorities have pursued allegations against HYBE chairman Bang Si-hyuk since late 2024 over claims he misled early investors in 2019 about IPO plans, steering share sales to a linked private equity fund before the 2020 listing and receiving roughly 30% of post-IPO gains (around 190–260 billion won) via an alleged side agreement.** Police applied for arrest warrants on fraudulent unfair trading charges under the Capital Markets Act in April 2026, but Seoul prosecutors rejected both requests that month and again in May, citing insufficient evidence and directing further investigation. A July 2026 report indicated prosecutors viewed the core allegations as difficult to substantiate after more than a year of probes, including raids and multiple interrogations. Asset freezes on Bang and alleged accomplices (including a court-approved ₩106 billion freeze on Eastone PE officials in mid-August 2026) represent provisional measures rather than formal charging. With the investigation ongoing but stalled on evidentiary grounds and no indictment or charges filed to date, traders assign a 71.5% probability that Bang will not face charges before the end of 2026.