A Denver pastor and his wife are facing serious charges after being accused of raising $3.4 million from church members under the promise of a cryptocurrency investment. Eli and Kaitlyn Regalado, founders of Victorious Grace Church, allegedly encouraged their followers to buy into a digital currency called INDXcoin between January 2022 and July 2023. Authorities say they promised high returns that never materialized.

According to the Denver District Attorney’s Office, only a small portion of the funds were used for the actual project. Instead, the couple is accused of using over $1.3 million for personal spending, including home renovations. The indictment states that the cryptocurrency eventually lost all value, leaving investors with nothing.

The couple faces 40 charges related to the alleged scheme. District Attorney John Walsh emphasized the importance of the indictment in helping victims seek justice, crediting investigators from multiple agencies for their work on the case.

In a past online video, Eli Regalado acknowledged the spending but said they believed they were following divine guidance. Despite the losses, he expressed no regret, saying participants had given money willingly. Authorities continue to investigate, and court proceedings are expected to follow.