Egbegbe, a Nollywood film maker, was accused of scamming no fewer than 30 Bureau De Change operators in Lagos of various sums both in local and foreign currencies between 2015 and 2017.
The police said he swindled his victims of the sums of N39, 098,100, $90,000 and £12,550.
According to the police, Egbegbe allegedly defrauded the BDC operators mostly by falsely representing to the victims that he had foreign currencies to sell to or buy from the BDC operators.
He is facing 40 counts alongside his alleged accomplices – Oyekan Ayomide, Lawal Kareem, Olalekan Yusuf and Muyideen Shoyombo.
The former socialite has been in the prison custody as he was unable to meet the N5m bail granted him by the court.
Following the close of the prosecution’s case, all the defendants, except Egbegbe, who is having difficulty paying legal fees, filed no-case submissions.
They contended that the police prosecutor, Innocent Anyigor, failed to establish a prima facie case or prove the charges against them.
They are praying the court to dismiss the charges and set them free.
But their no-case submissions have been opposed by the police.
Justice Oguntoyinbo fixed October 6 to take arguments on the no-case submissions.
