26 September 2018, Wednesday | 09:55pm

Billionaire Vincent Tan refutes get-rich-quick news report

2018-09-14

Tan said this was not the first time his name has been used without his knowledge or authority, for the purpose of lending credibility to online investment scams, adding that “it will not be the last”.

PETALING JAYA: Tycoon Tan Sri Vincent Tan has denied an online report claiming that he had invested US$250mil (RM1bil) in a get-rich-quick scheme.

“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 yesterday.

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

The online article which Tan is referring to, entitled “Vincent Tan gives back to the people with his latest project”, alleged that Tan had invested in a project called “The Formula”.

The scheme, which is supposedly a share trading platform, is said to utilise an algorithm that allows trades executed through it to beat the stock market with an accuracy of 80%, thereby allowing users to make huge profits.

THESTAR

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