Police have requested a search warrant targeting Bang Si-hyuk, chairman of the K-pop agency HYBE, who is suspected of deceiving investors during the company’s stock market listing process and generating illegal gains worth more than 100 billion won, or about 71-point-85 million U.S. dollars.

The financial crimes investigation unit of the Seoul Metropolitan Police Agency filed for the warrant on Thursday last week, targeting Bang as well as HYBE’s headquarters in Seoul. 

Ahead of the company’s initial public offering(IPO) in 2020, Bang and other executives allegedly deceived investors into believing the IPO would be delayed, persuading them to sell their shares to an investment company set up by a private equity fund established with capital from the HYBE executives. 

Bang is suspected of having brought in over 100 billion won illegally after the IPO went through and the investment company sold its shares. 

The investigation unit has reportedly completed its analysis of financial records obtained from the Korea Exchange and the Financial Supervisory Service.

Meanwhile, the Securities and Futures Commission under the Financial Services Commission referred Bang to the prosecution last week for alleged violations of the Capital Markets Act.