Police stormed K-pop giant HYBE’s headquarters Thursday in a sweeping probe into allegations that founder and chairman Bang Si-hyuk defrauded early investors and pocketed illicit gains worth hundreds of billions of won.

South Korean police raided offices at the headquarters of K-pop agency HYBE on Thursday over allegations of unfair share trading involving the company chairman, a source familiar with the matter said.

Police raided the headquarters of Hybe, the agency behind K-pop phenomenon BTS, in Yongsan, Seoul, at 9 a.m. Thursday, as part of an ongoing probe into alleged