On February 2 2017, Egbegbe was arrested by the Lagos State Police for allegedly defrauding some Bureau De Change operatives of over N40 million, between 2016 and February 2017.
The justice who presided over the case at the Federal High Court in Lagos, Justice Oluremi Oguntoyinbo granted Egbegbe bail in the sum of N5m with two sureties each in a sum of N2.5m.
“One of the sureties must be a civil servant who has attained level 16 while the other surety must be a land owner in any part of Lagos metropolis. The landowner must submit Certificate of Ownership of the landed property and while the civil servant must submit his international passport to the court.
“The sureties must swear to an affidavit while the house and office addresses and telephone number will be verified by the court,” the judge ruled.
Meanwhile Mr. Egbegbe will be in prison custody pending fulfilment of bail conditions.