A JAIN BANIA (BUSINESS MAN) called Hiranand Shah travelled from Rajasthan to Patna in 1652. In 1707, he financed Prince Farrukhsiyar sufficiently for him to become the Mughal Emperor (he ruled from 1713 to 1719). Manik Chand, a later head of this Jain family was then rewarded with the title ‘Jagat Seth’, which means ‘banker or merchant of the world’. By the eighteenth century, the family or house of of Jagat Seth was the largest banking house in the Mughal Empire.

 

The Nawabs of Bengal used the banking services of the house of Jagat Seth to pay tribute to the Mughal emperors in Delhi. William Dalrymple wrote that the Jagat Seth family were able to:

“… make or break anyone in Bengal, including the ruler, and their political instincts were sharp as their financial ones.” (quote from Wikipedia)

 

When the young Siraj-ud-Daulah became Nawab of Bengal in 1756, he alienated many people including Jagat Seth Mehtab Chand. Siraj demanded 30 million rupees as a tribute from the banker. When the banker refused, Siraj-ud-Daulah  slapped him. As a result, Jagat Seth took part in the conspiracy to defeat Siraj-ud-Daulah.  He and others, including Mir Jafar, helped the British, led by Robert Clive,  to defeat Siraj-ud-Daulah at the Battle of Palashi (Plassey) in 1757.  Jagat Seth’s money funded the British to help them defeat Siraj-ud-Daulah.

 

The Jagat Seth family was at least as influential as tycoons such as the Rothschilds in Europe and figures such as Jeff Bezos and Donald Trump’s current ‘chum’ Elon Musk. Taking the story of Siraj-ud-Daulah as an example, one could say it is best not to upset your wealthy supporters.  So, Donald, it would be best not to upset Elon!

 

Soon after the Battle of Palashi,  the fortunes of the house of Jagat Seth began to decline. Today, this remarkable family is commemorated by an opulent mansion, which they built in Murshidabad, sometime after it became the capital of Bengal (for 70 years during the eighteenth century). In 1980, the house was opened up as a museum, which is privately owned and run. We visited this place before we knew about the family’s involvement with the downfall of Siraj-ud-Daulah and the following capture of Bengal by the British. Like many other places in Murshidabad,  it is a fascinating reminder of Murshidabad‘s history during the era when Europeans, especially the British,  were beginning to make their mark on Bengal.