'As for the ongoing probe, I will take the investigation seriously to clear all allegations, ' he added.
"I feel like it is best from me to retire from the entertainment business at this point", Seungri said via his Instagram page, adding that the matter in which he was involved is so serious he had chose to retire.
He faced police questioning at the weekend.
His agency, YG Entertainment Inc, told Reuters it did not have any fresh comment on his position.
Seungri, called South Korea's "Great Gatsby" for his posh lifestyle, was formally named in the investigation Sunday by Seoul police, according to local news agency Yonhap.
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.
"As I've been branded as a "national traitor", I can not stand the fact that I'm harming others for my own sake".
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Band leader G-Dragon was also investigated for smoking marijuana in 2011, although he was released without indictment.
A former supporter replied to the post saying: "I'm so embarrassed at myself for being your fan for the last 10 years".
Again, I am sorry and apologize once again.
There is no suggestion whatsoever that Seungri was involved with the alleged wrongdoing.
After allegations surfaced, Seungri announced he wanted to enlist for his mandatory military service on March 25.