A Denver pastor, Eli Regalado, and his wife Kaitlyn are accused of defrauding church members out of $3.4 million by promoting a cryptocurrency called INDXcoin. The couple, founders of Victorious Grace Church, allegedly convinced followers to invest with promises of high returns that never came, between January 2022 and July 2023.

Authorities say only a small portion of the money funded the cryptocurrency project, while over $1.3 million was reportedly spent on personal expenses like home renovations. The digital currency ultimately became worthless, leaving investors with significant losses.

The couple faces 40 charges related to fraud and misappropriation. Denver’s District Attorney John Walsh stressed the importance of the indictment in seeking justice for victims and praised the joint effort of investigative agencies involved.

In an earlier video, Eli Regalado admitted to using some funds personally but claimed divine guidance and expressed no regret, stating donations were voluntary. The investigation continues as court proceedings are expected soon.