The Jagat Seths, Jain Marwari bankers from Rajasthan, became Bengal’s richest family and advisers to Mughal rulers.
They funded Robert Clive, aiding the British victory at the 1757 Battle of Plassey.
Betrayed and executed by Mir Qasim, the family’s vast wealth vanished under British rule
Imagine a single family so wealthy that their fortune surpassed those on today’s global rich lists. That was the Jagat Seth family of Bengal in the 18th century. Originally Jain Marwari bankers from Rajasthan, they became the financial backbone of the Mughal Empire’s richest province — Bengal. They controlled coin minting, managed state revenues, financed trade, and influenced politics at the highest level.
Their story is a timeless lesson in how immense financial power can be lost through political ambition. The Jagat Seths were once so rich that their wealth — estimated at around ₹8.3 lakh crore (about $1 trillion today) — made them among the richest families in history. They lent money to both the Mughals and later to the British East India Company.
Origins and Rise
The family’s legacy began in the 16th century with a wealthy banker named Manik Chand, who earned the title “Jagat Seth,” meaning “Banker of the World,” from Mughal Emperor Farrukhsiyar. Manik Chand had moved from Patna to Dhaka in the early 1700s to establish a trading business. When Bengal’s capital shifted to Murshidabad, he followed and soon became the banker and financial adviser to the Nawab. In 1712, Emperor Farrukhsiyar further honored him with the title “Nagar Seth”(banker of the city).
After Manik Chand’s death in 1714, his nephew and adopted son Fateh Chand took charge and expanded the family business. Under his leadership, the Jagat Seth family’s influence grew enormously. Even the East India Company borrowed money from them. British historian Robert Orme described the Jagat Seths as the wealthiest family in the Mughal Empire, possessing vast influence over Bengal’s administration.
Their banking empire was often compared to the Bank of England in importance. They managed government funds, collected revenue, and even minted coins. Some historical accounts claim that their wealth exceeded that of the entire British economy of the 1720s. After Fateh Chand, his grandson Mahtab Chand and cousin Maharaja Swarup Chand took over the business in 1744. Both were highly influential during the reign of Alivardi Khan, the Nawab of Bengal.
However, their fortunes began to turn when Siraj-ud-Daulah became Nawab. Facing growing hostility, the family allied with the British East India Company — a move that would change India’s history forever.
The Fall of the Jagat Seths — From Power to Oblivion
At the height of their influence, the Jagat Seths were not only bankers but also political kingmakers, capable of making or unmaking rulers. Yet, their greatest mistake was allowing business and politics to intertwine.
When Siraj-ud-Daulah demanded a huge tribute of ₹30 million, the Seths refused. Enraged, Siraj reportedly struck them. In retaliation, the family sided with Robert Clive and the East India Company, financing his campaign against the Nawab — a decision that led to the Battle of Plassey in 1757.
Battle of Plassey and Its Aftermath
The Battle of Plassey, fought on June 23, 1757, marked the beginning of British rule in India. The British army, led by Robert Clive, had only 3,000 men against Siraj’s 50,000 soldiers, but the Seths’ financial and political support turned the tide. They helped Clive bribe Mir Jafar, one of Siraj’s commanders, promising to make him the next Nawab.
Heavy rains during the battle ruined Siraj’s gunpowder, while the British guns remained dry. Mir Jafar betrayed Siraj, who fled but was later captured and executed. The British victory transformed them from traders into rulers — and Bengal’s vast wealth began flowing to Britain.
The Jagat Seths, however, soon realized their mistake. Once the British no longer needed them, they took control of Bengal’s treasury and mint, rendering the Seths’ financial empire irrelevant. In 1763, Mir Qasim ordered the execution of Jagat Seth Mahtab Chand and Swarup Chand, having their bodies thrown from Munger Fort. Mahtab’s son, Kushal Chand, only 18 at the time, inherited the title but lacked leadership and business skills.
By the 1860s, the family’s fortune had vanished. The British never repaid their debts, and the Seths lost their lands and influence. By the 1900s, they had disappeared from public life entirely. The Jagat Seth mansion in Murshidabad, once filled with treasures, secret tunnels, and political meetings, has now become a museum. It holds ancient coins, fine textiles, and artifacts from their golden era. [Rh/VP]
Suggested Reading: