India, April 25 -- South Korean prosecutors on Friday rejected a police request for an arrest warrant for music tycoon Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, questioning whether detention is necessary as he faces a high-profile investigation into alleged investor fraud.

The Seoul Metropolitan Police Agency asked prosecutors earlier this week to request a court warrant to arrest Bang, the billionaire founder and chairman of Hybe. The Seoul Southern District Prosecutors' Office said that it found that the request lacked sufficient grounds to justify his detention and instructed police investigators to strengthen their case. Bang, who has been barred from leaving the country since August, isn't seen as a realistic...