NST BUSINESS
KUALA LUMPUR: Berjaya Group founder Tan Sri Vincent Tan Chee Yioun has warned the public to be wary of an investment scam that is using his name, promising huge profits and quick riches.
“I refer to a current online media entitled ‘Vincent Tan gives back to the people with his latest project” wherein it is reported that I have invested $250 million in a project known as “The Formula” with a wish to make Malaysians wealthy.
“The article claims 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 per cent and thereby allow users to make huge profits.
“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 statement here today.
Tan said this is not the first time his name has been used without his 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. I would advise the public to be wary of promises of quick riches so as not to fall prey to scams like this,” he said.