In brief Denver pastor Eli Regalado and his wife Kaitlyn face 40 felony charges for allegedly defrauding Christian investors of $3.4 million through the INDXcoin crypto between January 2022 and July 2023.

The couple are accused of pocketing at least $1.3 million for personal expenses, including luxury vacations, cosmetic dentistry, and home renovations they claimed “the Lord” directed them to make.

Regalado admitted to taking the money in a since-deleted video, saying “those charges are true” while maintaining “God is not done with this project” and asking followers to stand by them.

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A Denver grand jury has indicted a Colorado pastor and his wife on 40 felony charges for allegedly orchestrating a multi-million-dollar crypto scam that targeted their Christian community, with the couple accused of pocketing $1.3 million for personal luxuries while claiming divine guidance.

Eli and Kaitlyn Regalado 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.

A Denver grand jury has indicted Eli and Kaitlyn Regalado on 40 counts regarding an alleged multi-million-dollar cryptocurrency scam. To see the full press release, click the link below:https://t.co/ihQxb1nPWN — Denver DA’s Office (@DenverDAsOffice) July 22, 2025

INDXcoin is a cryptocurrency they created and marketed through their online-only Victorious Grace Church, the statement said.

Investigators say the Regalados used their faith-based connections to promise exorbitant returns while claiming God had directed the venture as a “wealth transfer” for his people.

INDXcoin maintained zero value throughout its existence, meaning all investors lost their entire investments.

The crypto could only be exchanged through Kingdom Wealth Exchange, a platform the Regalados controlled and allegedly shut down periodically to prevent investors from withdrawing funds.

When investors grew wary of INDXcoin’s lack of returns, Eli Regalado reportedly told them “the Lord” was directing everyone to hold their positions.

“If you look closely at all sorts of crypto and online scams, scammers often trick human minds by triggering fear, greed, and FOMO rather than hacking systems,” Karan Pujara, founder of the scam defense platform ScamBuzzer, previously told Decrypt.

“The global nature of crypto makes it difficult to work with country-specific regulations to recover funds, as well as for filing legal complaints,” he added.

“Guaranteed by God”

The couple allegedly spent the majority of the $1.3 million on cosmetic dentistry, luxury handbags, snowmobiles, and luxury vacations,” according to the Colorado Securities Commission’s statement in January 2024.

Of the more than $3 million raised from investors, Regalado claimed that half went to the Internal Revenue Service on taxes, while stating that “a few hundred thousand dollars went to a home remodel that the Lord told us to do.”

In a since-deleted video posted in January 2024, Eli Regalado admitted the allegations were accurate.

However, he maintained that “God is not done with this project” and asked his followers to stand by the couple.

According to legal filings made by the state, the pastor had told investors their success was “guaranteed by God” and dismissed legal expert advice that INDXcoin constituted a security requiring proper registration.

“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.

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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.

A Denver grand jury has indicted Eli and Kaitlyn Regalado on 40 counts regarding an alleged multi-million-dollar cryptocurrency scam. To see the full press release, click the link below:https://t.co/ihQxb1nPWN — Denver DA’s Office (@DenverDAsOffice) July 22, 2025

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.”

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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.

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.

Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.

Denver pastor Eligio (Eli) Regalado, facing civil fraud charges for allegedly selling millions in a bogus cryptocurrency scheme, was seen in Zambia teaching about God and finance at the Gifted Faith Ministry in the country’s capital after missing a court hearing on Monday.

Regalado’s appearance at the church’s Glory Shift Conference on multiple days this week comes after he missed a Monday court hearing in Denver, Newsweek confirmed, where a preliminary injunction and asset freeze were granted after he was accused of exploiting his religious influence to defraud investors.

The civil fraud case against Regalado, brought last week by Colorado Securities Commissioner Tung Chan, centers on INDXcoin, a cryptocurrency he and his wife Kaitlyn created and marketed to his Christian community in the U.S., promising divine financial returns.

According to the complaint, Regalado and his wife raised about $3.2 million through INDXcoin between June 2022 and April 2023 in a Ponzi-style scheme involving more than 300 people that left INDXcoin holders with no way to sell the coins, rendering their investments worthless.

Wearing the gray hoodie, Pastor Eli Regalado visits a church conference in Zambia, Africa, after missing a court hearing in Colorado on January 29, 2024, related to a financial scheme involving the sale of a… Wearing the gray hoodie, Pastor Eli Regalado visits a church conference in Zambia, Africa, after missing a court hearing in Colorado on January 29, 2024, related to a financial scheme involving the sale of a bogus cryptocurrency. More Gifted Faith Ministry/Facebook

Despite facing civil charges that can potentially boil over to criminal charges leveled by the state of Colorado, Regalado on Monday delivered a sermon in the African church focusing on financial prosperity and cryptocurrency.

Drawing parallels between multiple Bible verses and wealth, the embattled pastor said: “I’m going to speak to you today and I am going to speak to you about finances, and I’m going [to] speak to you about how to make money the Kingdom way.”

Eventually, Regalado touted the fact that God has gifted him with a “whole world of cryptocurrency,” but promised to “spare” the crowd the details.

The details of the lawsuit brought by the Colorado Division of Securities allege that much of the $3.2 million worth of INDXCoin sold to investors was funneled into the Regalados’ personal expenses, with more than $1.3 million being misappropriated, which he confirmed in a video that was initially posted to the INDXCoin forum that has since been widely circulated.

Colorado Pastor @Eli_Regalado Charged In Crypto Scam Records Online Video Confession

Says he pocketed $1.3 Million of which “a few hundred thousand dollars” went to a Home Remodel that the Lord told him to dohttps://t.co/NgvPgYICNI#crypto #INDXCoin

h/t @molly0xFFF pic.twitter.com/y7NYEvdMZr — GuruLeaks (@Guruleaks1) January 22, 2024

“The charges are that Kaitlyn and I pocketed $1.3 million and I just want to come out and say that those charges are true,” Regalado said in the video posted by user GuruLeaks1 on X, formerly Twitter. “There has been $1.3 million that has been taken out of, I think it was a total of $3.4 million. But out of that $1.3 [million], half of a million dollars went to the IRS and a few hundred thousand dollars went to a home remodel that the Lord told us to do.”

Despite claiming a divine directive for the INDXCoin project, the couple lacked the necessary experience and credentials in cryptocurrency, the Colorado Securities Commissioner said, leading to an insecure and technically flawed INDXcoin.

The court’s preliminary injunction has prohibited the Regalado’s from selling any securities while freezing the couple’s assets as well as mandated an order for non-destruction of records.

“Misuse of funds is a serious charge in this matter,” Chan said in a statement shared with Newsweek by email. “Freezing assets will protect what’s left in the accounts from further dissipation, and the injunction will stop the Regalados from selling any more worthless coins.”

Newsweek has reached out to the Colorado District Attorney’s Office by email for comment.

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Pastor Eli Regalado doubled down on his message of a God-given mission, and even confessed to using the cash for some home improvements.

LOS ANGELES – A United States pastor who sold a worthless cryptocurrency to his flock and pocketed US$1.3 million (S$1.7 million), using some of it to remodel his house, insisted he was doing only what God told him to.

Pastor Eli Regalado and wife Kaitlyn face a civil lawsuit alleging they promoted the so-called INDXcoin to fellow Christians in Colorado, with divine guarantees that investors would become rich.

According to the complaint filed by the Colorado Attorney-General’s office, investigators found that 300 people sank US$3.2 million into something Mr Regalado and his wife insisted God was backing.

That was despite the fact that the couple, who run an online church, had no experience in cryptocurrency, said a press release from the Colorado Division of Securities, the state body that regulates the securities market.

Faced with the fraud allegations, Mr Regalado doubled down on his message of a God-given mission, and even confessed to using the cash for some home improvements – which he said was also an instruction from above.

“So the charges are that Kaitlyn and I have pocketed US$1.3 million, and I just want to come out and say that those charges are true,” he said in a video posted to a forum for INDXcoin investors.

“Out of that 1.3, half a million dollars went to the IRS (Internal Revenue Service) and a few US$100,000 went to a home remodel that the Lord told us to do.”

The couple allegedly also spent funds on a gamut of luxury items, including a Range Rover, jewellery, swanky handbags and snowmobile trips, the complaint states.

Facing the legal action, which was filed in Denver last week, the Mr Regalado conceded it was possible there had been some communication issues on his hotline to God, though he was still holding out hope that the Big Man would come through in the end.

“We took God at his word and sold a cryptocurrency with no clear exit,” he said.

“Either I misheard God… or God is still not done with this project,” he added.

“What we’re praying for… is that God is going to work a miracle in the financial sector. He is going to bring a miracle into INDXcoin.”

Colorado securities commissioner Chan Tung said potential investors in get-rich quick schemes would be wise not to take them at face value.

“We allege that Mr Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” she said.

“New coins and new exchanges are easy to create with open source code. We want to remind consumers to be very sceptical.”

NBC News reported that the couple are due to appear in a Denver court next week. AFP