A Singapore-based remittance services provider, Samlit, has become the subject of a probe by the central bank amid allegations of fraudulent trading. The company has denied these allegations, disputing the financial regulator's recounting of events related to a fund-freeze scandal. In a separate but related development, Paytm Payments Bank informed the Enforcement Directorate (ED) that it does not possess the license required for outward foreign remittances, arguing that it could not have violated the Foreign Exchange Management Act (FEMA).
A Singapore remittance company is hitting back against the city-state’s financial regulator, disputing its recounting of events amid a fund-freeze scandal and denying allegations of suspected fraudulent trading https://t.co/veU2n34m79
A Singapore remittance company is hitting back against the city-state’s financial regulator, disputing its recounting of events amid a fund-freeze scandal and denying allegations of suspected fraudulent trading https://t.co/yzGN64HF8l
A Singapore remittance company is hitting back against the city-state’s financial regulator, disputing its recounting of events amid a fund-freeze scandal and denying allegations of suspected fraudulent trading https://t.co/QZrjkbOsIy
🚨 #Paytm Payments Bank has told the Enforcement Directorate (ED) that it does not possess the licence required for outward foreign remittances and hence the question of it violating #Fema does not arise.
Samlit denied carrying out any fraudulent trade, after the Singapore-based remittance services provider became the subject of a probe by the central bank https://t.co/JtMiEPB86L