Dongbu Promy head coach Kang Dong-hee was arrested on Monday amid allegations he helped fix matches during the 2010-2011 Korean Basketball League (KBL) season.
KBL Commissioner Han described the scandal as the "biggest crisis" for the sport in Korea and said: "If Kang is found guilty, we're prepared to ban him for life."
Kang has denied the allegations against him.
Dongbu Promy could not be reached for comment on Tuesday.
"We recognise this situation as the biggest crisis for professional basketball since the league was launched in 1997," Han told reporters on Tuesday.
"We're fully cooperating with prosecutors in their investigation and we will give our utmost best to transform ourselves."
South Korean sport has been hit hard by matchfixing in recent years with incidents in soccer, volleyball and baseball forcing the government to take a hard-line stance on the issue.
Seoul threatened to shut down the country's top flight K-League after 41 players were banned in January following investigations that revealed widespread corruption.
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