Khushalchand Lakshmichand Jhaveri (1680–1748) was an Indian jeweler and financier in late Mughal Gujarat and the nagarsheth (chief merchant) of Ahmedabad.
He played a key role in power struggles in Ahmedabad for the control of Gujarat in the early 18th century, and financially supported various factions over his lifetime.
For his actions, Khushalchand was labelled a traitor by Shamal Bhatt in his poem Rustam no Saloko, from which it is learned the local population generally preferred the stability of the Mughal imperialist forces to the chaos of Hamid Khan and the Marathas.
On June 3, 1725, Khushalchand raised 500,000 rupees from local bankers insured by his own gold reserves, and gave the amount ot Hamid Khan, hoping to eventually be repaid and given special privileges.
By June 25, Hamid Khan summoned Khushalchand to the Bhadra fort and asked him to raise an additional 10,00,000 rupees, either from the people of Ahmedabad or his own pocket.
To raise the amount, Khushalchand began mortgaging ijāras (temperorary revenue rights) to mansabdārs (rank-holding officials) who could make advance payments.
[10] Eventually in September 1726, news reached the emperor Muhammad Shah in Delhi that Khushalchand and his rival/cousin, the silk merchant Ganga Das,[11] were raising money from the local people.
Sarbuland Khan slapped Khushalchand a couple times, had him jailed, and ordered him to pay a fine of several hundred thousand rupees to be let go.
[13] Eventually Sarbuland Khan was removed from his position as governor and replaced with Maharaja Abhai Singh of Marwar, who appointed Ahmad Bohra as nagarsheth.
Abhai Singh, not wanting to lose face by dismissing his own appointee to the position, made Ahmad Bohra nagarsheth of the Muslims and Khushalchand Jhaveri that of the Hindus.