New Delhi, April 21 -- South Korean police said Tuesday they are seeking to arrest music mogul Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, as they expand an investigation into allegations that he illegally gained more than $100 million in an investor fraud scheme.

The Seoul Metropolitan Police Agency confirmed that it has asked prosecutors to request a court warrant for arresting Bang, founder and chairman of HYBE.

Bang's legal team in a statement to The Associated Press did not directly address the accusations but expressed regret that police were seeking his arrest "despite our full and consistent cooperation with the investigation over an extended period."

"We will continue to cooperate with all legal procedure...