Prostitution is illegal in South Korea, and the charges against Seungri carry a prison sentence of up to three years. "As for the ongoing probe, I will take the investigation seriously to clear all the allegations", he said.
On Monday, Seungri (born Lee Seung-hyun) posted a message on his personal Instagram account, expressing his intent to retire.
South Korean media reported that police had confiscated Seungri's passport now that he was officially regarded as a suspect. Shares of YG Entertainment fell as much as 14.2 per cent to its lowest since November 2018.
Seungri was questioned by police in February over reports of drug-taking and sexual assault at the Burning Sun club, where he was a public relations director.
"For the past 11/2 months, I have been denounced by the public, every investigation agency is probing me and I have been accused as a traitor".
PNB scam: Nirav Modi living in luxury flat in London, running business
The United Kingdom has responded to the Red Corner Notice issued by the agency against Mr. Nirav Modi is on run as he is wanted by agencies in India in Rs 13,000 fraud case.
'As I've been branded as a "national traitor", I can not stand the fact that I'm harming others for my own sake, ' he added. Reports also suggest that Seungri used to operate through various nightclubs in Seoul's Gangnam district and even attempted to introduce escorts to foreigners to encourage them to invest in his business ventures. He is one of five people to make up Big Bang, who are considered showbusiness royalty in the country and many other parts of the world.
He then apologized once more.
The source also said, "To be honest, no exact details have been revealed about Seungri during the past month and a half of police investigations".
It is alleged that Seungri tried to obtain prostitutes for clients through a group chat on the messaging app KakaoTalk in 2015.
In the meantime, the military has said that Seungri's enlistment will not be postponed and he can continue to cooperate with the investigation during his service.