K-pop boy group BTS' management agency Big Hit Entertainment has responded to media reports about alleged insider fraud within the company.
On November 13, media outlet The Fact reported that various concert production companies as well as other individuals where scammed by entertainment insiders illegally posing as Big Hit Entertainment affiliates.
According to the report, the estimated amount that the "insiders" swindled is around 5 billion won (approximately 4 million dollars).
They are suspected of using forged documents containing Big Hit Entertainment and BTS' official logos in order to scam the victims; leading them to believe that they were investing in BTS' tours in Indonesia, Malaysia, Hong Kong, Vietnam, and more.
The scams of holding fake BTS concerts in the above mentioned countries reportedly continued from February to October 2019, without detection from Big Hit Entertainment.
Following the report, Big Hit Entertainment released an official statement.
Big Hit Entertainment stated, "The contracts depicted in the reports are fake documents. We do not use those document formats, and we have not signed any of these contracts."
The agency continued, "We will take legal action after confirming and identifying the specific damages and criminal charges."
Meanwhile, BTS successfully wrapped up its world stadium tour 'LOVE YOURSELF: SPEAK YOURSELF' last month with a finale concert in Seoul.
(Credit= Big Hit Entertainment)