(IDEX Online) - The billionaire who owned Firestar Diamond yesterday began his legal fight against extradition to India, where he is accused of defrauding the Punjab National Bank out of $1.85bn.Nirav Modi, 49, is alleged to have persuaded corrupt bank workers to approve low-rate loans for importing foreign goods, which he used to pay off debts. He was India's most wanted man and was the subject of an Interpol Red Notice until he was arrested in London in March 2019. He has been on remand in the capital's Wandsworth Prison ever since.He faces charges in India of conspiracy to defraud and conspiracy to conceal criminal property, which carry maximum sentences of seven years and life respectively. He denies both charges.Modi established his own trading ???,? ?company, the now defunct Firestar Diamond in 1999. He branched out into jewelry design and launched the Nirav Modi brand in 2010 and amassed a fortune estimated by Forbes at $1.4bn, making him one of India's richest men.He appeared via video-link at Westminster Magistrates' Court, London on the first of a five-day extradition hearing. The hearing continues.