Singer Rain, whose real name is Jung Ji-hoon, has been blamed by minority shareholders and the pubic as the recent sell-off of his firm's shares has incurred huge losses for them.

Individuals who invested in J-Tune, an entertainment company that Jung established by capitalizing on his fame, are calling for an investigation into him on suspicion of breach of trust after its stock prices suffered a freefall from 325 won on July 9 to 220 won Thursday on the KOSDAQ.

Furthermore, a minority shareholder requested on Cheong Wa Dae's website of late that Rain be subject to a probe. J-Tune has been Jung's agent.

It was confirmed on July 9 that the 28-year old had sold his shares of 4.72 percent of the company and he stepped down from the largest shareholder to a singer attached to the agency.

In addition, the news that he received more money than the company's earnings while he was the largest holder is irking the shareholders.

According to J-Tune, both sides reached a 15 billion won, four-year contract in October 2007 right after Jung became the largest shareholder. He also agreed to earn 4.1 billion won in addition annually.

As a result, until now, Jung has received approximately 20 billion won from his company for his contract due to expire in October 2011, but J-Tune has not been productive, just making 19.4 billion won since his arrival.

After parting with JYP Entertainment, his former agency, Jung became the largest shareholder of the company after investing 4.7 billion won in the company in October 2007 and continued to increase his stake, up to 13 percent in March 2009.

He began selling his shares from June 2009 and his stake dropped to just 4.98 percent in May this year before his sell-off was reported earlier this month.

While he was selling his shares, J-Tune raised capital of about 3.4 billion won from investors via issuing bonds in May and June, which angered shareholders.

There is speculation that Jung must complete his military service soon, prompting him to sell off all his stakes in the company.

Given that he plans to attend graduate school, his service has been delayed until September.

They say that although the date has been set, he can postpone it again.

According to the Office of Military Manpower Administration, his enrollment can be postponed to next year in accordance with personal reasons, which enables him to finish his contract.

Meanwhile, the Financial Supervisory Service (FSS) said that there is no violation in Jung's case.

"Thus far, there is no problem in the contract between Jung and J-Tune", a FSS official said.

"If we find any violation related to investors' losses, we will take action".