Seungri, a member of Korean boy group Big Bang, took to social media to announce his retirement from the entertainment industry.
This, amid the police investigation over allegations that he solicited prostitutes for foreign men investing in his business back in 2015.
Seung-ri, one of the biggest names in the K-pop firmament has been charged with supplying prostitutes. The singer, who denies the charges, on Monday announced that he will immediately retire from showbiz in order to protect his boy band Big Bang and its backer the talent agency YG Entertainment.
“We booked Seung-ri and changed his status to that of a suspect in order to issue a search and seizure warrant and clear [Seung-ri] of the suspicions,” a police spokesman said at a press conference.
The charges, which potentially carry a three-year jail sentence, follow a police raid on Sunday night of a nightclub in Seoul, that Seung-ri controls. YG shares collapsed by some 14% on Monday, tumbling to KRW37,150.
The 28-year-old singer, whose real name is Lee Seung-hyun, and who also uses the stage name V.I. in Japan, has been in the headlines for several weeks.
The Korean star is in the middle of an investigation on allegations that he solicited prostitutes for investors for his businesses.
He was also tagged in the investigation on Burning Sun for drug abuse and sexual abuse.
The club closed down earlier this month.
Seungri had apologized for the scandal during one of of the legs of his current tour, which included a stop in Manila in January.
He is expected to start his mandatory military service on March 25 as an active duty soldier.