Dhaka, July 11 -- Courts in Dhaka and Chattogram have taken sweeping legal action against S Alam Group Chairman Mohammad Saiful Alam, his family members, and senior officials of the business conglomerate, amid mounting allegations of money laundering and loan defaults involving thousands of crores of taka.

In Dhaka, Metropolitan Senior Special Judge Md Zakir Hossain Galib on Thursday ordered the freezing of Saiful Alam's foreign investments, bank accounts, and insurance policies in Singapore, following a petition by Anti-Corruption Commission (ACC) Sub-Inspector Tahsin Monabil Khan. The order affects not only Saiful Alam but also his wife, children, and close relatives.

According to the ACC, the assets - including at least 40 bank account...