The K-pop star, whose real name is Lee Seung-hyun, apologized to his fans and said he had been branded a "traitor to the nation". As for the ongoing investigation, I will take it seriously to clear myself of all the allegations.
The 28-year-old denies the allegations, but says he has retired from entertainment as the scandal has gotten too big for both his band and his record label, YG Entertainment.
South Korean media reported that police had confiscated Seungri's passport now that he was officially regarded as a suspect.
Last week, his agency, YG Entertainment, announced he will join the Army on March 25.
The five-member group, which has won a huge global following since it was formed in 2006, is taking a break after abruptly cancelling concerts scheduled for later this month.
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.
"And I can't let this cause further damage to others".
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The lobbying is alleged to have happened at nightclubs in Seoul, South Korea's capital.
Seungri, part of the globally popular Big Bang, said he would retire to fight the charges and to spare his management agency and fellow band members further embarrassment, according to South Korea's Yonhap news agency.
I sincerely thank all of the fans in and outside of Korea who have given me lots of love for the past 10 years, and I think this is where I stop even if it's at least (to protect) the honour of YG and BIGBANG.
The allegations of sexual abuse at the Burning Sun nightclub were made by a man claiming to be a former VIP member.
Seungri's retirement post has been "liked" more than 810,000 times and commented on 210,000 times on Instagram.
Band leader G-Dragon was also investigated for smoking marijuana in 2011, although he was released without indictment.