Jagat Seth was a rich businessman from Murshidabad during the rule of Nawab Siraj-ud-Daula. He came from a rich Jain Marwari business family in Murshidabad. His spiritual guru was Jain Acharya Sri BhratruChandra Suri. Jagat Seths were among the most powerful bankers of India during the first half of 18th century. Roben Orme (official historian of East India Company) described Jagat Seths as the greatest shroff (money changer) and banker in the known world.
According to Nick Robins:
"The Jagat Seths were unrivalled in northern India for their financial power. Known as 'banker of the world', this Marwari family had build up formindable economic resources on the back of its control of the imperial mint and extensive monelylending. 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."
He, along with Omichund and Mir Jafar joined the successful conspiracy against the Nawab, engineered by Robert Clive, due to which the Nawab lost the battle of Plassey. The British thus established the first colony in India. Mir Jafar was installed as the puppet ruler of Bengal.
The Jagat Seth family were beheaded in 1763, during the reign of Mir Jafar's successor, by the troops of Mir Kasim. Mir Kasim had initially been installed by the East India Company as a puppet, but had attempted to rebel.
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