MLM company MAXFOREX alters name and website without informing its ‘investors’  

October 21, 2010

MLM company MAXFOREX has changed its name and website to ‘Dream Worldwide’, leaving many of its 'investors' high and dry

In May, Moneylife had reported on how a multi-level marketing (MLM) company was offering ‘trading’ in foreign exchange through a high-risk investment module.
(http://www.moneylife.in/article/8/5289.htmll).

Maximus Trades Inc (MAXFOREX), a Mauritius-based company, has now closed down its earlier website and opened a business under a new name, ‘Dream Worldwide Inc’. The 'investors' who have been duped are now planning to join hands to nail the company.

All the details that MAXFOREX carried on its earlier site (maxforexonline.biz) have been replicated on the new site (dreamworldwide.biz). However, in its new avatar, the company is claiming that it trades in real estate and diamonds — besides forex. All the information that was there on the erstwhile MAXFOREX site — founders, offices and the business model — are the same. Just the moniker has changed.

What could have forced the company to change its name and website all of a sudden? There has been an upsurge in complaints about MAXFOREX all over the Internet, as well as the reports that Moneylife has carried. Even 419scam.org, the site that tracks spam and scams on the Internet, has labelled MAXFOREX as a Ponzi scheme and provided the MLM company's bank account details. According to the website, MAXFOREX had an account (28037304495) with Barclays Bank at Mauritius under the name of Maximus Trade Incorporation.

For both maxforexonline.biz and dreamworldwide.biz, the domain registrar is Ranger Registration (Madeira) LLC. Even the status of both the sites on Who.is is the same — “clientDeleteProhibited, clientRenewProhibited, clientTransferProhibited, clientUpdateProhibited” is what the site throws up.

Another company, Royal Forex Trading Ltd, which claims to offer trading in forex and commodities, has now surfaced. Royal Forex plans to focus only on the US and India. It claims to offer 1% return per day on an ‘investment’ of $20 to $99 for 200 working days. The higher your ‘investment’, the more will be your returns (3.5% per day for a plan of $2,000 to $10,000 for 60 working days). In addition, it also offers ‘rewards’ (mobile phones, cars) on business worth $5,000 and above. However, it also fails to specify or clarify how it manages to offer such returns. — Moneylife Digital Team