Bang Si-hyuk is the chairman of HYBE. /Courtesy of News1

Police raided the Korea Exchange in connection with suspicions of capital market law violations by HYBE Chairman Bang Si-hyuk.

According to police on the 3rd, the Seoul Metropolitan Police Agency's Financial Crime Investigation Unit secured materials related to the listing review of HYBE by raiding the Korea Exchange in Yeouido on the 30th of last month.

The police are investigating allegations that Chairman Bang deceived HYBE investors by stating there were no plans for an initial public offering (IPO) in 2019 and then sold his equity to a private fund established by an acquaintance.

Earlier, the Financial Supervisory Service has also been continuing its investigation into Chairman Bang's alleged fraudulent trading.

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