Last Friday, City of London Police officers visited the offices of Big Game TV in connection with alleged fraud, believed to relate to the use of premium-rate phone-lines.
Icstis, the premium phone number regulator, is also examining the allegations.
Big Game TV is based at ITV's Grays Inn Road headquarters. It operates as a standalone gaming channel on the Sky Digital platform, as well as providing late-night content for the ITV Play service. Content has also run on ITV2.
An ITV spokeswoman said: "We are in discussions with Big Game TV and have taken its programming off our channels as a precaution."
Ofcom has the power to intervene should Icstis decide to penalise Big Game. If that happens, the communications regulator could revoke Big Game's broadcasting licence or impose a fine.
Carriers of Big Game's content, such as ITV, would not be subject to action from Ofcom.
Big Game TV declined to comment.