Once praised for steering gang members from violent crime, SPAC Nation is now accused of coercing its victims into taking out sham loans

When a fleet of luxury cars dropped off the well-heeled pastors of a South London church near Mayfair on New Year’s Eve, their lavish black-tie gala was marred by a media storm surrounding allegations of financial fraud.

But as churchgoers gathered for selfies, they seemed to take scant notice of the inquiries launched by the Metropolitan Police and Charity Commission.

“We will not be silenced by lies,” Tobi Adegboyega, the flamboyant lead pastor of controversial church SPAC Nation, tweeted just days after the bash, held at the headquarters of the Institute of Directors (IoD).

The party venue – a sprawling 192-year-old Grade-I-listed building on London’s Pall Mall – was a telling choice for a congregation whose 39-year-old founder went from being a kitchen porter to driving a Rolls-Royce and living in a £2.5m Surrey mansion.

Politicians have called for SPAC Nation to be shut down.