South Korean police are pushing for an indictment of music tycoon Bang Si-Hyuk, the chairperson of the agency behind K-pop supergroup BTS, over alleged investor fraud.

The Seoul Metropolitan Police Agency referred Bang to the Seoul Southern District Prosecutors' Office on Thursday, asking him to be indicted on a charge of violating the capital markets act, according to the police agency and the prosecutor's office.

Police have been investigating Bang, the billionaire founder and chairperson of Hybe, over allegations that he misled investors in 2019 by indicating that Hybe had no immediate plans to go public, prompting them to sell their shares to a private equity fund shortly before the company proceeded with an initial public offering.