The court, in a ruling by Justice Oluremi Oguntoyinbo, said the police had been able to establish a prima facie case against them, which requires that they put in their defence.
The judge, therefore, adjourned till January 12, 2021 for the defendants to open their defence.
Egbegbe is standing trial alongside Oyekan Ayomide, Lawal Kareem, Olalekan Yusuf and Muyideen Shoyombo.
In the 40 counts slammed against them, the police alleged that they defrauded no fewer than 30 Bureau De Change operators in Lagos of various sums, both in local and foreign currencies, between 2015 and 2017.
According to the prosecuting counsel for the police, Innocent Anyigor, Egbegbe and his gang swindled the BDC operators out of total sums of N39, 098,100, $90,000 and £12,550 over a period of two years.
The prosecutor said they obtained the money from their victims by deceiving them that they either had foreign currencies to sell to or buy from the BDC operators.
Anyigor said the defendants acted contrary to Section 8 of the Advance Fee Fraud and Other Related Offences Act 2006 and were liable to be punished under Section 1(3) of the same.
But they had pleaded not guilty.
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