The charges against Seungri carry a prison sentence of up to three years. "I'll sincerely take part in the investigation of all allegations that have been raised".
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.
On Feb. 27, police questioned Seungri over the allegations. Representatives of YG Entertainment Inc., which manages Big Bang, weren't immediately available for comment.
For those who may not know, the star has been plagued with scandal after scandal, and is now currently under police investigation for allegedly offering prostitutes to investors at the night club Burning Sun.
Receiving criticism and hate from the public for the past month and a half and with the situation of all the investigative agencies in the country now investigating me, I am even being cornered as a traitor of the nation. The Seoul nightclub was owned by Seungri at that time.
BIGBANG is one of Korea's most popular boy bands, having sold more than 140 million records worldwide since their debut in 2006.
A petition surfaced last week calling for him to step aside after causing "unrecoverable damage to the group's reputation".
Band leader G-Dragon was also investigated for smoking marijuana in 2011, although he was released without indictment.
"I give my heartfelt, honest thanks to fans at home and overseas who gave their love for the past 10 years", he continued.
Again, I am sorry and apologize once again.
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".
There is no suggestion whatsoever that Seungri was involved with the alleged wrongdoing.
The group went on hiatus to pursue solo projects and fulfill mandatory military service in Korea.