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Police reviewing financial exploitation allegations made against London church SPAC Nation

Last week, an investigation by the Huffington Post claimed some pastors at SPAC Nation 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 suggested those taking out loans were left in debt while the pastors were seen wearing expensive clothing and jewelry.

Responding to the accusations made by former members of the church, the Met Police, said: "We have received allegations that pertain to potential fraud and other possible offences that relate to Spac Nation.

"Officers are reviewing the allegations to identify if any criminal offences have potentially been committed.

"Once this review is complete, a decision will be made as to whether a criminal investigation is launched. We cannot comment any further at this time."

SPAC Nation has persistently denied any wrongdoing in relation to the report.

In a statement on Thursday, the management board once again defended itself. It said: "Anyone reading between the lines of most of these publications against SPAC Nation will see a clear attempt to discredit us in order to get a political party using us as a leverage to score cheap political points.

"We welcome all meaningful investigations into our operations as we have always done. This helps to show our discipline, focus and commitment to best practices whilst always looking out for ways to serve our community better and making sure that we fulfil the objects of our charity to the society.

"We will not condone anyone, including any leader, doing wrong things in our midst. Anyone known to be doing such will be held accountable as we have appropriate procedures for handling complaints and disciplinary matters."

SPAC Nation has seen huge growth in recent years and has been praised for its work with gangs and ex-offenders. It's working with police and local authorities across London.

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