HYBE Chairman Bang Si-hyuk, who has been accused of swindling 190 billion won, or around 131 million U.S. dollars, from investors during the K-pop powerhouse's initial public offering(IPO), has been interrogated for a third time.

The Seoul Metropolitan Police Agency began the questioning session at 10 a.m. Wednesday.

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 private equity fund tied to him and HYBE executives.

Investigators suspect that Bang raked in approximately 190 billion won by selling those shares, following HYBE's eventual listing, under an undisclosed agreement with the equity fund.

Bang stands accused of violating the Capital Markets Act, which carries a prison term of at least five years for offenders who reap at least 5 billion won.