The pop star, whose real name is Lee Seung-hyun, also announced his plans to "immediately retire from show biz" in order to protect BIGBANG's reputation, as well the group's talent agency YG Entertainment. "As for the ongoing probe, I will take the investigation seriously to clear all the allegations", he said.
Word on the street has it that the 28-year-old singer has become Korea's public enemy #1 and nobody wants to be affiliated with him.
South Korean media reported that police had confiscated Seungri's passport now that he was officially regarded as a suspect.
This is Seungri. At this point, I think it would be for the best if I retire from the entertainment industry.
The announcement comes after the singer was embroiled in a controversy in February, when police said they were investigating Seungri and his night club Burning Sun for allegedly offering prostitutes to investors.
While getting criticism and hate from the public for the past month and a half, and with all the agencies in the country now investigating me, I am even being considered a traitor of Korea.
If you don't know, he is one part of the boy band BIGBANG. "I just can not accept causing pain to those around me just for my sake".More news: Martellus Bennett Interested in Ending Retirement to Join Brother Michael on Patriots
In 2011, band leader G-Dragon was investigated for smoking marijuana, which is illegal in South Korea, but was released without charge.
"I'm so embarrassed at myself for being your fan for the last 10 years", a user responded to Seungri's Instagram post.
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".
Seungri's retirement post has been "liked" more than 810,000 times and commented on 210,000 times on Instagram.
It is alleged that Seungri tried to obtain prostitutes for clients through a group chat on the messaging app KakaoTalk in 2015.
After allegations surfaced, Seungri announced he wanted to enlist for his mandatory military service on March 25.