Seoul, Sep 3 (AP) South Korean police are pushing for an indictment of music tycoon Bang Si-Hyuk, the chairperson of the company behind Ok-pop supergroup BTS, over alleged investor fraud.The Seoul Metropolitan Police Company referred Bang to the Seoul Southern District Prosecutors’ Workplace on Thursday, asking him to be indicted on a cost of violating the capital markets act, in keeping with the police company and the prosecutor’s workplace.Police have been investigating Bang, the billionaire founder and chairperson of Hybe, over allegations that he misled buyers in 2019 by indicating that Hybe had no quick plans to go public, prompting them to promote their shares to a non-public fairness fund shortly earlier than the corporate proceeded with an preliminary public providing.Police earlier stated that the fund could have paid Bang someplace round 200 billion gained (USD 147 million) in a facet deal that promised him 30 per cent of post-IPO inventory sale earnings.South Korean media reported that police referred 4 different folks, together with Hybe executives and personal fairness fund officers, to prosecutors on Thursday as nicely, asking for his or her indictment.Hybe officers have stated Bang denies any wrongdoing.“We’ve got persistently responded to the allegations with goal proof and info,” Bang’s authorized staff stated in an announcement Thursday. “We count on the allegations to be totally and transparently resolved by the authorized course of.”Police earlier sought Bang’s arrest twice in April and Could. However prosecutors rejected these requests, saying police failed to supply adequate grounds for his arrest and did not adjust to prosecutors’ demand for additional investigation of Bang.Observers say prosecutors might once more ask for additional police investigation, quite than indicting Bang instantly.Information of Bang’s authorized troubles flared after BTS returned and launched a much-awaited world tour earlier this yr after a virtually four-year musical hiatus because of the band members’ necessary army service in South Korea.