A Denver grand jury has indicted a pastor and his wife on 40 felony charges related to an alleged multimillion-dollar cryptocurrency scheme.

Eligio “Eli” and Kaitlyn Regalado face charges that include racketeering, theft, and securities fraud. According to the Denver District Attorney’s Office, the scheme took place between January 2022 and July 2023.

The Regaldos, founders of the online-only Victorious Grace Church and INDXcoin, a religious-themed cryptocurrency, allegedly used their faith-based connections to recruit investors while “promising exorbitant returns on the investments,” the Denver District Attorney’s Office states.

Court records reveal that the Regalados solicited over $3 million from investors who were looking to buy INDXcoin. However, according to the indictment, only a small amount of the proceeds went to their business venture.

The Regalados spent at least $1.3 million on personal expenditures, including a home renovation that the defendants claim “the Lord” told them to do. All the while, the INDXcoin maintained zero value, and all of the investors lost all of their money.

“These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims,” said Denver DA John Walsh

According to the Denver Gazette, the defendants are also waiting on judgment from a civil court bench trial in May.  The Colorado Securities Commission, Tung Chang, is seeking a permanent injunction, a freeze on the couple’s assets, and $3.4 million in restitution.

“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Commissioner Chan said in January.  “New coins and new exchanges are easy to create with open source code.  We want to remind consumers to be very skeptical.”