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Colorado pastor Eli Regalado and his wife Kaitlyn face legal turmoil after scamming his followers to invest in INDXcoin, a worthless digital coin, pocketing around $1.3 million.

A Colorado-based pastor for an online church accused of pocketing $1.3 million through a #cryptocurrency #fraud scheme told followers in a video statement that the Lord told him to do it. Eli Regalado & his wife marketed their cryptocurrency, INDXcoin, to Christian communities in pic.twitter.com/WqoAmN07w3

Regalados used their church platform to lure 300 Christians to invest $3.2 million into the token. Despite lacking knowledge about the crypto world, the couple emphasized that GOD was watching and supporting their investment.

Regalado defended himself against the fraud allegations in a video to the INDXcoin community, stating that he followed guidance from above. However, he accepted using part of the money for home renovation.

“a few $100K went to a home remodel that Lord told us to do.”

Meanwhile, reports indicate that the couple used the money for luxury expenditures, including purchasing a Range Rover, snowmobile trips, expensive jewelry, and classy handbags.

Further, Regaldo admitted to the likelihood of communication problems with divine guidance, though he remained confident that God would finally prevail. The pastor hopes the Lord could bring miracles to the financial industry and boost INDXcoin.

Colorado officer Tung Chan believes Mr. Regalado capitalized on the faith and trust of his Christian followers and promised massive wealth to investors when pushing essentially worthless tokens to the masses.

Individuals who invested in INDXcoin encountered technical challenges when converting the digital coins into cash.

The couple will appear in a court in Denver next week.

The post Pastor faces legal charges for luring congregation into buying worthless crypto appeared first on Invezz

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