SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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EFCC DOCKS MAN IN MAIDUGURI FOR CONVERTING LAND DOCUMENT.{PHOTO}.#PRESS RELEASE.

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The Maiduguri Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Tuesday, September 14, 2021 arraigned one David Osigbe Irumekhai before Justice Aisha Kumaliya of the Borno State High Court, Maiduguri on one count charge bordering on criminal breach of trust.


The defendant allegedly used the original title documents of a property kept in his custody for safe keeping  to secure a loan of N2, 300, 000.00 (Two Million, Three Hundred Thousand Naira).


The count read: “That you David Osigbe Irumekhai sometime in February, 2021 in Maiduguri, Borno State within the jurisdiction of this Honourable Court being entrusted with original title document in respect of Plot No. 86 BOTP/99 Fika Close on Damboa Road, Comm/ Res Layout area of 1800sq.m by Tosin Joseph Todo for safe keeping converted the title document to your personal use in violation of the mode in which such trust is to be discharged and thereby committed an offence contrary to Section 311 Penal Code Law Cap 102, Laws of Borno State 1994 and punishable under section 312 of the same Act.”


The defendant pleaded “not guilty” to the one count charge.


Upon his plea, prosecution counsel, Mukhtar Ali Ahmed asked the court for a trial date and to remand the defendant in the correctional facility pending the outcome of the case.


Justice Kumaliya adjourned the matter till September 22, 2021 for commencement of trial and ordered that the defendant be remanded in the Correctional Centre.

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