Prosecutors raided the offices of the nation's largest bakery chain, SPC Group, as part of an investigation into allegations of unfair business practices and dereliction of duty.

The Seoul Central District Prosecutors' Office on Tuesday sent prosecutors and investigators to obtain accounting records and internal audit reports from the group’s headquarters and affiliate offices, as well as the office of group chair Hur Young-in.

Prosecutors are looking into suspicions that the group unfairly increased the profit of affiliate SPC Samlip in a bid to raise the value of its shares held by the chairman's children, helping the family maintain their control and facilitate a smooth power transition to the next generation.

According to the outcome of an earlier investigation by the Fair Trade Commission(FTC), other affiliates allegedly helped SPC Samlip earn 41-point-four billion won between 2011 and 2019 by unfairly awarding its contracts.

In 2020, the antitrust regulator issued a correctional order and imposed a penalty of 64-point-seven billion won on the affiliates, while also filing complaints with the prosecution against the group chairman and several other executives.