Home Blockchain Pastor Accused of Fraud Spotted in Zambia After Missing Hearing

Pastor Accused of Fraud Spotted in Zambia After Missing Hearing

Pastor Accused of Fraud Spotted in Zambia After Missing Hearing

Hongji Feng

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| 1 min read


Source: DALL·E

Denver-based Pastor Eli Regalado, who faces allegations of orchestrating a $3.2 million cryptocurrency scam, has been seen preaching in Zambia despite missing a mandatory court hearing in the United States.

A recent report by Newsweek unveiled that Regalado was observed delivering sermons at the Gifted Faith Ministry in Zambia’s capital. This appearance coincides with his absence from the court hearing scheduled for Jan. 29 in Denver, where he was due to face charges related to the alleged crypto fraud.

According to Newsweek, Regalado intertwined biblical teachings with financial advice during his sermons at the conference in Zambia. He then addressed the congregation with a focus on monetary matters.

“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,” said Regalado.

Regalado also alluded to his involvement in the crypto world. He declared, “God has gifted me with a whole world of cryptocurrency,” before assuring the audience that he would refrain from delving into the specifics of his crypto endeavors.

Pastor Claims God’s Instruction Behind $3.2 Million Scheme

The civil fraud case against Regalado involves INDXcoin, a crypto he and his wife Kaitlyn created and promoted within the Christian community in the U.S., promising divine financial returns.

The couple is accused of raising about $3.2 million through this scheme, involving over 300 people, and creating a situation where INDXcoin holders couldn’t sell their coins, making their investments effectively worthless.

Regalado has publicly admitted to misappropriating a significant portion of the funds raised. “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 acknowledged in a widely circulated video.

“Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin,” said Colorado Division of Securities in a press release.

Court Maintains Freeze on Regalado’s Accounts

Denver District Court Judge David Goldberg has ordered the continued freezing of bank accounts belonging to Denver online pastor Eli Regalado and his wife Kaitlyn.

The couple are also barred by the ruling from selling any crypto or investments in Colorado.

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