March 27, 2024
Divine Deception: Pastor Charged in Crypto Scam Attributes Actions to God's Will
Latest Cryptocurrency News

Divine Deception: Pastor Charged in Crypto Scam Attributes Actions to God’s Will

In a bizarre turn of events, Eli Regalado, the founder of online cryptocurrency INDXcoin and pastor of the Victorious Grace Church in Colorado, has admitted to charges of fraud related to the sale of a “worthless” cryptocurrency. Regalado, along with his partner Kaitlin Regalado, is accused of exploiting the trust of their Christian community by promising divine returns.

In a peculiar nine-minute video posted on INDXcoin’s official website, Eli Regalado confessed to the charges, stating, “The charges are that Kaitlin and I pocketed 1.3 million dollars, and I just want to come out and say those charges are true.” The charges were brought forth by the Colorado Securities Commission, accusing the pastor of duping followers by issuing and marketing the sham token INDXcoin.

Colorado Securities Commissioner Tung Chan expressed concern over the alleged exploitation, stating, “We allege that Mr Regalado took advantage of the trust and faith of his Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies.”

According to the complaint, Regalado claimed to have received divine guidance, asserting that God told him that investors would amass wealth by investing in INDXcoin. The alleged fraudulent activities took place from June 2022 to April 2023, during which INDXcoin reportedly raised nearly $3.2 million from over 300 investors through the Kingdom Wealth Exchange platform.

The majority of funds were allegedly sourced from the online-only church, Victorious Grace Church, where Regalado serves as a pastor. When questioned about using the raised funds, Regalado revealed that half went to the Internal Revenue Service (IRS) for taxes, and a significant sum was allocated to a home remodelling project supposedly backed by divine instruction.

“A few hundred thousand dollars went to a home remodel that the Lord told us to do,” admitted Regalado.

The Kingdom Wealth Exchange was abruptly shut down on November 1, 2023, with Regalado claiming a lack of finances to maintain internal servers. Despite admitting to being on the “doorstep of poverty,” Regalado, in the same announcement, urged INDXcoin holders not to sell the token, invoking divine guidance and encouraging followers to “stop being ruled by mammon (chasing money).”

However, the lawsuit filed by Commissioner Tung Chan paints a different picture, alleging that the Regalados spent the majority of the $1.3 million on personal expenses, including cosmetic dentistry, luxury handbags, snowmobiles, home renovations, and lavish vacations. The case raises questions about the intersection of faith, finance, and fraud, leaving the Victorious Grace Church community grappling with the repercussions of the alleged deceit orchestrated by their pastor.

Image: Wallpapers.com

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