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The allegations of bribery and fraud are the latest blow for the tycoon, one of India's richest people.
The regulator uses new powers to prevent bonuses being funded from customer bills.
Hwang was found guilty of fraud in a case that cost Wall Street banks billions of dollars in losses.
The government wants to address the loss of social housing, but critics say more action is needed.
The inflation rate has risen, putting pressure on people's finances and casting doubt on interest rate cuts.