Paul Benfield

Paul Benfield was an English merchant, financier and politician who made his fortune in India.

Employed in the East India Company as the civil servant, Benfield was sent to India in 1764. After his arrival, he became active as a merchant and moneylender. At Madras he formed a partnership with local Indian bankers, and gradually started to earn money from trade, loans at high rates of interest, and contracts. Allegedly, in these transactions he amassed a fortune of over £500,000.

It is known that Benfield had extensive business dealings with the Nawáb of the Carnatic, and with the governments regarding the construction of fortifications for the town of Madras and for Fort St. George. One of his major loans was provided to the Nawab, and that was the reason why he was ordered by the court of directors to return in England. He was subsequently restored to the service and permitted to return to Madras when his loan provided to be publicly known and beneficial for political circumstances in India.

Benfield returned to England permanently in 1793 and opened a trade company in London called Boyd, Benfield, & Co., in partnership with Walter Boyd. Since his partner was involved in speculations, his fortune was gambled away and he died in Paris in poverty.