Prosecutors said Monday they have indicted a once popular South Korean pop idol for not paying back over 100 million won ($86,200) that he borrowed for business purposes.

The Seoul Central District Prosecutors' Office said Lee Sang-woo, better known by his stage name Lee Ju-no, is suspected of not paying off a total of 165 million won he borrowed from two acquaintances between December 2013 and January 2014.

The 48-year-old told the creditors he would pay the money back in few days but failed to do so, leading them to take a legal action, prosecutors said.

Lee, a former member of the iconic group Seo Tae-ji & Boys in the 1990s, declared bankruptcy in 2012 after failing in a series of businesses he started after the group was dissolved in 1996.

Prosecutors are investigating another allegation that Lee did not repay 200 million won from another investor after promising to pay dividends. (Yonhap)