**Police referred Bang Si-hyuk to prosecutors on September 3, 2026, on suspicion of fraudulent unfair trading under South Korea’s Capital Markets Act, alleging he misled existing shareholders in 2019 about HYBE’s (then Big Hit Entertainment) IPO plans to facilitate share sales to a linked private equity fund, yielding an estimated 263.1 billion won in illicit gains.** Prosecutors have not yet decided on formal indictment, additional investigation, or dismissal. They previously rejected two police requests for an arrest warrant in 2026, citing insufficient grounds, and ordered further probes after a roughly 21-month investigation that included headquarters raids and multiple questioning sessions. Bang and HYBE maintain the listing process complied with the law and have responded with supporting evidence. The case remains at the prosecutorial review stage without a charging decision, and no subsequent developments have been reported. Traders appear to view the referral as an intermediate step rather than a guarantee of indictment by year-end, consistent with prosecutors’ prior caution on this matter and the procedural hurdles for Capital Markets Act violations.