Police placed a travel ban on HYBE Chairman Bang Si-hyuk, who has been accused of swindling more than 100 billion won, or around 71 million U.S. dollars, by misleading investors regarding the K-pop powerhouse's initial public offering(IPO).

KBS learned on Wednesday that the Seoul Metropolitan Police Agency had restricted Bang from leaving the country in light of the executive's alleged violations of the Capital Markets Act.

Police say Bang falsely told investors that HYBE's IPO had been delayed in 2019, driving them to sell their shares of the firm to a company tied to him and other HYBE executives.

Authorities suspect that Bang raked in more than 100 billion won by selling those shares after HYBE's eventual listing.

Police questioned the chairman twice last month after raiding the offices of HYBE and the Korea Exchange to obtain documents related to the IPO.