The U.K. Serious Fraud Office (SFO) on Friday announced that it has issued the first criminal proceedings against 10 employees from two major banks accused of manipulating the Euro Interbank Offered Rate (EURIBOR).

Six employees of Deutsche Bank and four from Barclays Bank will be charged with conspiracy to defraud, the SFO said, based on its ongoing investigation into the alleged manipulation of EURIBOR.

The allegations have not been proven. The defendants in the case are scheduled to make their first court appearance on January 11 2016. The SFO says that its investigation is continuing and that others will face criminal proceedings “in due course”.

The SFO began investigating possible market manipulation involving both the LIBOR and EURIBOR interest rate benchmarks back in 2012.

Since then, the SFO notes that a senior British banker pled guilty in 2014 to conspiracy to defraud, and earlier this year, a British trader was convicted for conspiracy to defraud involving Yen LIBOR and sentenced to 14 years in prison. Six other trades are currently on trial for alleged LIBOR manipulation, and another trial is slated to begin in January 2016.