Denver pastor, Eligio (Eli) Regalado, who is confronting civil fraud charges for purportedly engaging in a fraudulent cryptocurrency scheme worth millions, was recently spotted in Zambia.
According to Newsweek, Regalado was observed teaching about the intersection of God and finance at the Gifted Faith Ministry in the country’s capital after failing to attend a court hearing.
Regalado attended the church’s Glory Shift Conference for consecutive days on the week of January 31 2024. According to Newsweek, the pastor had missed a court hearing in Denver, Colorado on the January 29 2024, wherein a preliminary injunction and asset freeze were authorized after allegations surfaced of him leveraging his religious authority to deceive investors.
The civil fraud lawsuit against Regalado, which was initiated by Colorado Securities Commissioner, Tung Chan, revolves around INDXCoin. This cryptocurrency, developed and promoted by Regalado and his wife Kaitlyn, was marketed within his Christian community in the United States, with promises of divine financial returns.
As per the complaint, Regalado and his wife amassed approximately $3.2 million through INDXCoin between June 2022 and April 2023. The scheme, described as ponzi-style, involved over 300 individuals. Ultimately, INDXCoin holders were left unable to sell their coins, rendering their investments valueless.
Despite the looming civil charges that may escalate to criminal charges brought forth by the state of Colorado, Regalado delivered a sermon at the African church, centering on topics of financial prosperity and cryptocurrency.
Recall that cryptocurrencies are not legalized in Zambia with the government taking a cautious approach to their usage, which includes conducting tests towards establishing regulations that balance citizens’ safety with innovation.
The Central Bank is Simulating Crypto Real-World Usage to Assist in Formulating Regulation, Says Technology Minister, Zambia
In February 2023, the Science and Technology Minister revealed that the country, through the Security Exchange Commission and Bank of Zambia, were… pic.twitter.com/uMpUXcJoBC
— BitKE (@BitcoinKE) April 20, 2023
“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,” the pastor reportedly said.
Regalado boasted about being blessed by God with a ‘whole world of cryptocurrency,’ but assured the audience that he would refrain from delving into the specifics.
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 lawsuit filed by the Colorado Division of Securities contends that a significant portion of the $3.2 million INDXCoin sold to investors was diverted to cover the Regalados’ personal expenditures. It’s reported that over $1.3 million was misused, a fact confirmed by Regalado himself in a video initially shared on the INDXCoin forum, which has since been widely circulated.
The Colorado Securities Commissioner remarked that despite asserting a divine mandate for the INDXCoin venture, the couple lacked the requisite expertise and credentials in cryptocurrency. This deficiency resulted in an insecure and technically flawed INDXCoin.
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