Pastor Denver and wife indicted for $3.4 million cryptocurrency fraud

A grand jury in Denver has indicted Pastor Eli Regalado and his wife, Kaitlyn, on 40 criminal counts for orchestrating a $3.4 million cryptocurrency fraud targeting their Christian community. The couple is accused of pocketing $1.3 million for lavish personal expenses, claiming to be "guided by God."

Eli and Kaitlyn Regalado are charged with theft, securities fraud, and extortion after raising nearly $3.4 million from over 300 investors from January 2022 to July 2023 through #INDXcoin , a cryptocurrency they created and marketed through the online church Victorious Grace Church.

Investigators say the Regalados exploited faith-based relationships to promise huge profits, while claiming that God directed the project as a "transfer of wealth" for believers. However, INDXcoin is worthless, and all investors lost their money. They also control Kingdom Wealth Exchange, the only exchange platform for INDXcoin, and frequently shut it down to prevent investors from withdrawing funds. When investors expressed concern, Eli Regalado said that "God" was asking everyone to hold their positions.

The couple is accused of using a large portion of the $1.3 million for cosmetic surgery, designer handbags, snowmobiles, and luxury vacations. Although Eli Regalado acknowledged the allegations in a now-deleted video, he still insists that "God is not done with this project" and urges followers to continue supporting them. #anhbacong