SPAC Nation has been praised by government ministers for its programmes bringing young people out of a life of crime but an investigation by the Huffington Post claims some pastors at the church have been targeting vulnerable people and asking them to take out loans of up to £5,000 which are then invested in crypto-currency.
The report says often those taking out the loans are left in debt while the pastors are then seen wearing expensive clothing and jewellery.
Toye-Mary Sofidiya, who lives in east London was one of several former members of the church to speak with the online news site.
She said: "I feel like I was targeted. I feel like they took advantage of me. I feel like I was deceived, lied to because they knew I trusted them."
Responding in the Huffington Post report, Daniel Ogoloma, a spokesman for SPAC Nation, said: "We see it as an intentional smear campaign also based on gossip.
"SPAC Nation has never and will never coerce anyone.
"We have given to many, we have helped countless people, which we will keep doing and will always focus on doing so."
The report states that all the pastors mentioned by the former members deny the allegations.
Premier has contacted SPAC Nation for further comment.
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