Egbegbe was arraigned on 36 counts alongside one Oyekan Ayomide, with whom he allegedly conspired to perpetrate the frauds between August 2015 and February 2017.
The two were arraigned before Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos.
They allegedly defrauded no fewer than 30 Bureau de Change operators in Lagos between August 2015 and February 2017, mostly by falsely representing to the victims that they had foreign currencies to sell to the BDC operators.
The police alleged, for instance, that on February 2, 2017 Egbegbe and Ayomide fraudulently obtained the sums of N2.45m and £3,000 from one Alhaji Isa Adamu in Lagos under the guise that they wanted to sell the naira and buy the pounds.
The other victims of the alleged frauds by Egbegbe were Mohammed Sanni, who was allegedly defrauded of N2.46m on 2017 New Year day; Jubrila Ado, allegedly defrauded of N1.257m on September 9, 2016; Hassan Amodu, allegedly defrauded of N600,000 in January 2016; Sanni Hassan, defrauded off N1.43m and £2,750 in August 2015; Saidi Abdullahi, defrauded of N700,000 on April 18, 2016; Atairu Abdullaahi, defrauded of N1m on June 23, 2016; and Abdullahi Babadisa, defrauded of N650,000 in January 2016.
Others were Abdurawan Hassan who allegedly lost N1.46m to Egbegbe on January 1, 2017; Suraju Garuba, who lost N850,000 in July 2016; Abdullahi Mumini, who lost N2.15m in September 2016; Garuba Hassan, who lost N700,000 on January 10, 2016 and Sanni Mohammed, who lost N1.89m on January 29, 2017.
Also, allegedly, swindled by Egbegbe were Barowo Abdullahi, who lost N2.6m; Yahu Alidu, who lost N1.75m; Tairu Musa, who lost N2m; Mohammed Bello, who lost $300; Mohammed Usman, N450,500; Suleiman Shehu, who lost N1.276m; Ahmadu Abda, who lost N2m; Nairu Musa, who lost N1.007m; Sanni Mohammed, who lost N1.6m and $3,000.
Others were Umaru Haruna, who lost N1.7m; Abubakar Musa, who lost $4,000; Abdulrasaq Sanni, who lost N1.7m; Abdullahi Babatunde, who lost N2.77m; among others.
The police prosecutor, who signed the charge sheet, Mr. Effiong Asuquo, said Egbegbe and Ayomide 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.
However, when the 36 counts were read to Egbegbe and Ayomide, they both pleaded not guilty.
The prosecuting counsel for the police, Innocent Anyigor, urged the court to order the remand of the defendants in the prison custody and to fix a day for trial.
The defence counsel, Mrs. A.O. Gbadamosi, told Justice Oguntoyinbo that she intended to file bail applications on behalf of Egbegbe and Ayomide.
The judge ordered that the defendants should be remanded in the prison custody and adjourned till March 24, 2017 for commencement of trial.