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| Jagat Seth, Banker & friend of Siraj. sikh-heritage.co.uk |
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| Jagat Seth's house,Bengal. static.panoramio.com |
Jagat Seth was a rich businessman and money lender settled in Murshidabad Bengal (now West Bengal) during the reign of Alivardi Khan and later Nawab Siraj-ud- Daulah. Being rich beyond imagination, with connection with the royal family, nobles and amirs in the Nawab's court, no doubt, he had considerable politicat clout. He came from a rich Hindu Marwari business family in Murshidabad migrated from Western India his spiritual guru was Jain Acharya Sri Bhratruchandra Suri. The Seths were among the most powerful bankers of India during the first half of 18th century. Robert Orme (official historian of East India Company) described Jagat Seths as 'the greatest shroff (money changer) and banker' in the known world.
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| Jagat Seth t unnel to his house Kathola static.panoramia.com |
The family of Jagat Seth maintained their position as state generation to generation. Even after the conquest of Bengal by the British after the battle of Plassey, Murshidabad remained for some time the seat of administration.
According to Nick Robins "the Jagat Seths were unrivaled and matchless in northern India for their financial power and connection with the upper strata of the society. Known as 'banker of the world', this Marwari family had built up formidable economic resources on the strength of its control of the imperial mint and extensive money-lending. They wielded this financial clout at the Bengali court and were judged to be 'the chief cause of revolutions in Bengal' by a French commentator at the time."
When Nawab Suraj came to power, he earned the ire of Amir in the court ans also the Seth family. Not toeing the line of the East India company, headed by Robert Clive, the British were eager to throw him out of place and put a puppet Nawab in his place. So EIC along with Clive and head of EIC factory William Watts in collusion with Siraj's relative Mir Jaffar, dissident Amirs and Omi Chand from the Seth family had hatched a conspiracy to dethrone Nawab Siraj and later to depoe him for good. Because of this well planned plot Nawab lost the battle at Plassey and his precious life. The British had a strong grip on Bengal- earliest foundation was built fort the British rule in India.
As for Jagat, who was to the early rulers it was the most degrading act and breach of trust and confidence. The Jagat Seth and many family members were killed by the army of Mir Kasim, puppet ruler on his orders before the Battle of Buxar, 1764. Installed by the English company. Mir kasim beame a rebel against the EIC
Jagat Seth meaning the "Banker of the World", was a title conferred on Fateh Chand, a very rich banker in Bengal in the first half of the 18th century. The founder of the house of Jagat Seth was Manck Chand who came to Dhaka from Patna in the early eighteenth century and established a trading firm When Murshid Quli Khan, the Dewan of Bengal transferred his capital to Murshidabad.
Manick Chand moved with him to the new capital. Emperor Farrukhsiyar, soon after his accession to the throne of Delhi in 1712, honoured Manik Chand with the title of "Nagar Seth" (Banker of the city). Manik Chand died in 1714 and Fateh Chand, his nephew and adopted son and successor to the the house achieved real greatness. The title of Jagat Seth was bestowed on Fateh Chand by emperor Muhammad Shah in 1723. The transactions of this firm then in the way past were better or on par with the Bank of England. The seth family;s wealth and name disappeared after the Crown administration from London took over the reingns of British India.
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