[BREAKING] Big Bang's Seungri announces retirement amid Burning Sun scandal

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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 allegations", he added.

"Regarding the issues that are being investigated, I will be investigated diligently and reveal all the suspicions", Seungri wrote in a statement on Instagram (via soompi).

South Korean media reported that police had confiscated Seungri's passport now that he was officially regarded as a suspect.

His agency, YG Entertainment Inc, told Reuters it did not have any fresh comment on his position.

The police have also been investigating Burning Sun, a nightclub where he was a public relations director, over suspicions about illegal narcotics use, sexual assaults and corrupt deals with police officials at the club.

The singer, who also owns a global franchise restaurant business, suspended his entertainment career in February and cancelled concerts scheduled for later this month.

"I have faced heavy criticism from the public for the last month and-a-half and I'm being probed by all investigative authorities in the country", Seungri said. I personally can not tolerate causing harm to everyone around me in order to save myself.

Seungri, who was once described as "the Great Gatsby of Korea" for his lavish lifestyle, has a huge fanbase - but some had called for him to leave Big Bang as the scandal swept the country.

The rep continued, "Seungri has been having a hard time at how he has been causing harm to the people around him".

"I would like to sincerely thank all of the fans both in and out of Korea who have shown me love for the past ten years".

Again, I am sorry and would like to apologize once again.

There is no suggestion whatsoever that Seungri was involved with the alleged wrongdoing.

Seungri is expected to enter South Korea's mandatory military service on March 25 as an active duty soldier, ABS-CBN reported.