Jagat Seth was a rich businessman from Murshidabad during the rule of Nawab Siraj-ud-Daula. He came from a rich JainMarwari business family in Murshidabad. His spiritual guru was Jain Acharya Sri BhratruChandra Suri.
He, along with maharaja Krishna Nath and Mir Jafar are said to have been instrumental in a successful conspiracy against the Nawab due to which the Nawab lost the battle of Plassey. The British thus established the first colony in India.