KUALA LUMPUR (Sept 12): Tycoon Tan Sri Vincent Tan Chee Yioun has categorically denied an NMDRP online report today which said he had invested half of his wealth into a new project that was "to take the world of blockchain technology by storm".

"I would like to categorically deny that I have made any investment in this project or that I am in any way involved in it. There is absolutely no truth in this report which I believe has been put out by unscrupulous persons to deceive the public," he said in a short statement today.

"This is not the first time my name has been used without my knowledge or authority for the purpose of lending credibility to online investment scams, and it is likely that it will not be
the last. I have reported this matter to the relevant authorities so that appropriate action can be taken," he added.

Tan, who is the founder and chairman of Berjaya Corp Bhd, also advised the public to be wary of promises of quick riches so as not to fall prey to scams like this.

Entitled “Vincent Tan gives back to the people with his latest project”, the report said Tan was investing US$250 million in The Formula project and had hired a non-Malay technology chief executive officer named Austin Ford to run it.

The article also claimed that The Formula, supposedly a share trading platform, utilises an algorithm that allows trades executed through it to beat the stock market with an accuracy of 80% and thereby allow users to make huge profits.