On Thursday, a self-proclaimed man of God faced charges of defrauding over $1 million from his Christian investors in a cryptocurrency scheme. The pastor, Eli Regalado, stood on his ground, saying that the Lord had instructed him to do so. The Colorado lawsuit charged the pastor and his wife with scamming and squandering the money to live a lavish life.
The Colorado pastor, Eli Regalado, together with his wife, Kaitlyn, was accused of creating and scamming his Christian community with INDXCoin, which they created themselves. Eli told their Christian investors that purchasing this coin would grant them miracles. However, if they purchase the coin, they will live a good and lavish life, which will prevent them from falling into poverty. The cryptocurrency was sold through the Kingdom Wealth Exchange (KWE), which they created and operated to scam the Christian community.
However, the Christian community prosecutors raised and stated that at the time, the INDXCoin was worthless, and therefore, the Christian community investors had lost thousands of dollars to the pastor. Eli and his wife, despite lacking cryptocurrency experience, managed to raise over $3.2 million from 300 Christians from June 2022 to April 2023. However, Pastor Eli did not deny the acquisition. Eli came out and said that the allegations were true in a video published on the INDXCoin website.
Upon being asked how he used the money, he stated, “We spent a couple of thousand to remodel our living house, which the Lord told us to do. We sold the cryptocurrency without a clear exit. We took God at his word.” The total amount of funds raised by the church was $3.2 million, and Eli and his wife took $1.3 million, which he used to buy jewelry, personal use, and an AU pair.
Tau Chaung, the Colorado security commissioner, filed fraud charges, saying that “Eli Regalado took advantage of the Christian community’s faith and trust. He promised that the Christians were going to be rich if they purchased INDXCoin. He sold worthless cryptocurrency to them.”
“We are going to go to court, and we will argue our cases,” Mr. Regaldo said. “What I believe in and what I am praying for is that God is going to do a miracle in the financial sector.” “ And all who came to INDXCoin for money are going to get their money back.” Added Regalado, the online victorious church preacher. The allegations are going to be heard at Denver Court in the coming days.