 
 
A Denver, Colorado-based pastor and his wife were indicted on Tuesday on 40 felony charges related to a multi-million-dollar crypto fraud scheme that raised over $3 million from their Christian community.
Online pastor Eli Regalado and his wife, Kaityln, face charges of theft, securities fraud, and racketeering after soliciting nearly $3.4 million from over 300 investors between January 2022 and July 2023 for INDXcoin, according to a Tuesday statement by the Denver District Attorney’s Office.
Both Regalados claimed to be ordained ministers with Destiny Churches and Ministries International, as per a post on the Facebook page for their online-only Victorious Grace Church. Destiny Churches promoted INDXcoin, a token they created and sold via their Kingdom Wealth Exchange, on its own Facebook page to its 1,000 followers.
Prosecutors say the Regalados used their faith-based connections to peddle outlandish promises of big returns while claiming God had directed the venture as a “wealth transfer” for his people.
They cashed out roughly $1.3 million in INDXcoin funds in order to spend lavishly on a Range Rover, luxury handbags, and a home renovation they claimed “the Lord told us to do.”
 
According to the indictment, authorities say the bogus token “maintained zero value,” resulting in complete losses for all investors. When these investors became suspicious of INDXcoin’s lack of returns, Eli reportedly told them that the Lord wanted them to hold their positions.
“These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims,” said Denver District Attorney John Walsh in the Tuesday press release.
In a since-deleted video message in January 2024, Eli Regalado admitted the allegations were true.
However, he asserted that “God is not done with this INDXcoin” and asked his followers to stand by him and his wife.
Source: https://zycrypto.com/denver-pastor-and-wife-behind-3-4-million-faith-based-crypto-scam-indicted/