(CNN) The head of the Japanese Olympic Committee (JOC) Tsunekazu Takeda was placed under formal investigation in Paris last month for corruption, a spokeswoman for the Paris Financial Prosecutor told CNN Friday.

The investigation relates to the bidding process for the Olympic Games, with reports that a suspect payment of €1.8 million ($2 million) was made around the announcement that Tokyo was to host the 2020 Olympics.

Takeda, a former show jumper who competed at the 1972 and 1976 Olympics, has been the president of the JOC since 2001 and was instrumental in Tokyo winning the right to host the Games. He's also a member of the International Olympic Committee (IOC).

"It appears that wrong information is being distributed about me indicted based on today's article on Le Monde ," Takeda said in a statement. "There is no such description in the article, nor such a fact exist."

Takeda acknowledged a sum had been paid to Singapore company Black Tidings for "fair compensation based on a consultant agreement."

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