Cha Eun-woo Dropped From Shinhan Bank Ads:South Korean artist Cha Eun-woo, known for his membership in the K-pop group ASTRO and his leading roles in the popular television series True Beauty, now faces a major advertising crisis after allegations of severe tax violations began spreading throughout both the entertainment industry and business sector. Major brands have started to separate from Cha Eun-woo while Shinhan Bank has removed all Cha Eun-woo advertisements from its official platforms which has surprised both fans and industry experts.
Cha Eun-woo Dropped From Shinhan Bank Ads
Shinhan Bank, one of South Korea’s largest financial institutions, quietly made all promotional materials featuring Cha Eun-woo private on YouTube and social media on the morning of January 23. Videos now show messages like “This video is unavailable” or “This is a private video,” effectively erasing the actor’s presence from the bank’s public advertising channels. While Shinhan Bank has not issued a formal explanation, the timing has raised eyebrows, coming right after the tax controversy hit headlines.
What makes the situation particularly notable is Shinhan Bank’s recent history with high-profile endorsers. Cha Eun-woo had been brought in as a replacement for actor Kim Soo-hyun last year after that star faced his own controversies and scrutiny related to public backlash.
Allegations of Large-Scale Tax Evasion
At the center of this upheaval are mounting allegations that Cha Eun-woo evaded more than 20 billion Korean won (roughly USD 13.6–13.7 million) in income tax, according to reports from Korean media and the National Tax Service’s reassessment.
The Seoul Regional Tax Office’s Investigation Division 4 reportedly conducted an intensive audit last year, focusing on earnings structures involving a one-person agency established by Cha’s mother. Authorities allege this entity functioned primarily as a paper company, a business with no substantial services that let the star legally channel his income to benefit from lower corporate tax rates rather than the higher personal income tax bracket.
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Agency Responds
Cha Eun-woo’s management agency, Fantagio, has responded to the allegations, stressing that the core issue is whether the company established by his mother qualifies as a substantive taxable entity not a confirmation of wrongdoing. The agency has pledged full cooperation with authorities and stated that the matter has not been finally determined or formally sanctioned.
“No final decision or tax bill has been issued yet,” said the agency in a press release on Thursday. “We plan to fully explain our position on how the law should be interpreted and applied, following all proper legal procedures.”
“Cha will continue to faithfully fulfill his tax filing and other legal obligations as a responsible citizen,” the agency added.
