KUALA LUMPUR, Sept 12 — Berjaya Corporation Bhd Executive Chairman Tan Sri Vincent Tan Chee Yioun denied investing US$250 million (RM1 billion) in a project known as "The Formula”.

He said this in reference to a current online media article entitled "Vincent Tan gives back to the people with his latest project”, which was about "The Formula”, a purported share trading platform which claims to utilise an algorithm that allowed trades executed through it to beat the stock market with an accuracy of 80 per cent.

"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 statement today.

Tan said this was not the first time that his name had been used without his knowledge or authority for the purpose of lending credibility to online investment scams.

"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 added. — Bernama