History, People
The Loan Sharks of the Carnatic
ADMIN , July 6, 2019 , Comments Off on The Loan Sharks of the Carnatic
The British came to Madras (modern Chennai) in 1639. By the 18th century, they controlled large parts of the South Eastern coast of India. The Carnatic region, though was ruled independently by the Nawab of Arcot, Muhammad Ali Khan Wallajah. He became great friends with the British in the 1750s, after they helped him acquire larger territories by defeating his rivals during the Siege of Arcot in 1751. But everything has a price: the British demanded exorbitant rates for their ‘protection’. £160,000 per year to be exact.
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