(Bloomberg) -- Samlit Moneychanger Pte. denied carrying out any fraudulent trade, after the Singapore-based remittance services provider became the subject of a probe by the city-state’s central bank.

Samlit “is not and has never been involved in any fraudulent trading of any kind,” the company said Saturday in an emailed response to questions from Bloomberg News. The firm has sufficient funds to meet outstanding obligations, it added.

The remittance services provider did not comment about its directors who are under investigation.

READ MORE Singapore Probes Remittance Firm on Suspected Fraudulent Trading

Amid the probe which began Friday, the firm surrendered its license, prompting the Monetary Authority of Singapore to secure the funds in Samlit’s corporate bank accounts, and requiring the firm to seek approval for withdrawal or transfer of funds.

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