Staff Reporter :
A high official of KY Steel, a sister concern of Chattogram-based business conglomerate KDS Group, has allegedly embezzled Tk 600 crore.
The Group filed 26 cases against Munir Hussain Khan, a Bangladesh-born US citizen, who had served as an executive director and a paid director from 2007 to 2018 at KY Steel, and his family members for embezzling the fund.
The former KY Steel official is now in jail.
Company’s lawyer Ahsanul Haque Hena said, Munir Hussain Khan grabbed all power of the KY Steel in a bid to indulge unbridled corruption. He also looked after the accounts and import section of the company.
Company sources said, Monir presented fake document to the owner of KY Steel that the company is making profit. But the company’s debt reached Tk 300 crore to Tk 1000 crore. The owners of the company got anomalies of Monir documents and sacked him in 2018. Before that he moved out all important documents. Later, company communicated with the corresponding banks and came to know his illegal activities.
According to case statements, Munir Hussain Khan travelled abroad with friends, used credit card for buying wife’s clothes, cosmetics, jewelry and forced the company to pay for it. He also indulged corruption in importing H.R coil, raw materials and chemicals.
He also had two passports; one is Bangladeshi and another American, which is violation of US immigration law.
KY Steel Chief Executive Officer (CEO) Jaber Hossain alleged that unir allegedly used the embezzled money to buy plots of land and flat in Miami, USA, in the name of INJ Venture.
He also tried to invest at condominium or hotel chain business in the USA, Jaber added.
