Denver-based Pastor Eli Regalado, who is facing allegations of masterminding a $3.2 million cryptocurrency scam, has been spotted preaching in Zambia despite failing to attend a mandatory court hearing in the United States.
According to a recent report by Newsweek, Regalado was observed delivering sermons at the Gifted Faith Ministry in Zambia’s capital. This appearance coincides with his absence from a court hearing scheduled for January 29 in Denver, where he was supposed to face charges related to the alleged cryptocurrency fraud.
Newsweek noted that during his sermons in Zambia, Regalado intertwined biblical teachings with financial advice and addressed the congregation, focusing on monetary matters. He stated, “I’m going to speak to you today about finances, and I’m going to speak to you about how to make money the Kingdom way.”
Regalado also made allusions to his involvement in the cryptocurrency world, saying, “God has gifted me with a whole world of cryptocurrency.” However, he assured the audience that he would not delve into the specifics of his cryptocurrency endeavors.
Pastor Claims God’s Instruction Behind $3.2 Million Scheme
The civil fraud case against Eli Regalado centers around INDXcoin, a cryptocurrency that he and his wife, Kaitlyn, established and promoted within the Christian community in the United States. They made promises of divine financial returns to potential investors.
The couple is accused of raising approximately $3.2 million through this scheme, involving more than 300 people. They created a situation where INDXcoin holders were unable to sell their coins, rendering their investments effectively worthless.
Regalado publicly confessed to misappropriating a significant portion of the funds raised. He stated in a widely circulated video, “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.”
The Colorado Division of Securities highlighted that Regalado specifically targeted Christian communities in Denver and claimed that he received direct guidance from God, assuring investors that they would become wealthy by investing in INDXcoin.
Court Maintains Freeze on Regalado’s Accounts
Denver District Court Judge David Goldberg has issued an order for the ongoing freezing of bank accounts owned by online pastor Eli Regalado and his wife, Kaitlyn. Furthermore, the ruling prohibits the couple from selling any cryptocurrencies or investments within the state of Colorado. This decision is part of the legal proceedings against the Regalados in connection with their alleged involvement in a cryptocurrency scam.