Police questioned HYBE Chairman Bang Si-hyuk for a second time on Monday about allegations that he misled investors for his own gain ahead of the conglomerate's 2019 initial public offering(IPO).

The Seoul Metropolitan Police Agency’s financial crimes unit questioned him at its office in Seoul's Mapo District just a week after his first summons on September 15.

Police say Bang falsely told investors that HYBE had no plans to go public, prompting those investors to sell their shares to a private equity fund linked to company executives, even though IPO preparations were, in fact, underway.

When the fund later sold those shares, police say Bang allegedly received 30 percent of the profit under a secret agreement, netting nearly 190 billion won, or about 137 million U.S. dollars.

The chairman has denied any wrongdoing and maintains that the IPO complied with laws and was not concealed from investors.

Police are also investigating whether investors were misled and if others benefited from the share sales.