Crypto Scam Pastor Flees to Zambia, Skips Court Hearing

A Denver pastor who is accused of running a $3.2 million cryptocurrency scam has fled to Zambia, where he was seen preaching at a local church. Eli Regalado, who faces civil fraud charges for allegedly selling a bogus crypto coin to his followers, skipped a court hearing in Denver on January 29, 2024.

How Regalado Lured Investors with Divine Promises

Regalado and his wife Kaitlyn created and marketed INDXcoin, a cryptocurrency that they claimed was backed by real estate and other assets. They promised investors that they would receive divine financial returns if they bought the coin, which they said was inspired by God.

According to the Colorado Division of Securities, the couple raised about $3.2 million from more than 300 people between June 2022 and April 2023. However, the coin was worthless and investors had no way to sell it or redeem it for cash. The regulators allege that the Regalados used most of the money for their personal expenses, including a home remodel that Regalado said God told him to do.

In a video confession that was posted online, Regalado admitted that he and his wife pocketed $1.3 million from the scheme. He also apologized to his victims and asked for forgiveness.

How Regalado Escaped to Zambia and Continued Preaching

Despite facing civil charges that could lead to criminal charges, Regalado managed to escape to Zambia, where he was invited to speak at the Gifted Faith Ministry in the capital city of Lusaka. He attended the church’s Glory Shift Conference on multiple days this week, where he delivered sermons on finances and cryptocurrency.

In one of his speeches, he told the congregation that God had gifted him with a “whole world of cryptocurrency” and that he would teach them how to make money the “Kingdom way”. He did not mention anything about his legal troubles or his crypto scam in the U.S.

How Regalado’s Accounts Were Frozen and His Victims Reacted

On January 29, 2024, the same day that Regalado was supposed to appear in court in Denver, a judge granted a preliminary injunction and an asset freeze against him and his wife. The order prohibits them from selling any crypto or investments in Colorado and requires them to provide an accounting of all the funds they received from the scheme.

Some of the victims of the scam expressed their anger and frustration at Regalado’s actions. They said they trusted him as a pastor and a friend, and that they felt betrayed and deceived by him. They also said they hoped he would face justice and return their money.