The story of 7th Nizam of Hyderabad donating 5000 KG of gold is much discussed for many years, the myth around it is busted now.
Mir Osman Ali Khan was the 7th Nizam of Hyderabad. There was a rumor of him donating 5000 kilograms of gold to the Indian government and it was discussed for a quite long period of time. However, the truth was revealed after several years of India’s independence.
The Nizam of Hyderabad, are often the center of stories about their royal lifestyle. It was rumored that during the Indo-Pak war of 1965, Mir Osman Ali Khan donated 5000 kilograms of gold to the Indian government to support the nation’s military efforts. The Nizam’s were very rich if considered the period of Pre-Independence era of India their wealth was very huge. Their wealth includes reserves of gold and diamonds.
1965 Indo-Pak War
The second war between India and Pakistan in 1965 gave economic strain to India. Prime Minister Lal Bahadur Shastri appealed to the citizens for contributions to strengthen the nation’s defense. During this period, the Nizam was approached to aid the government when the country needed the money.
Reality Behind Nizam’s Donation Story
The truth was confirmed when an investigation revealed by a Right to Information (RTI) request in 2019. The Nizam did not donate 5000 kilograms of gold as rumored. But he invested 425 kilograms of gold in the National Defence Gold Scheme introduced by the Indian government during the war. In return, he received an interest rate of 6.5%.
In 2020, Nawab Najaf Ali Khan, the Nizam’s grandson, corroborated this account, busting the myth of a 5000-kilogram donation.
Nizam’s Wealth
Mir Osman Ali Khan was known as one of the richest individuals in history, often referred to as India’s first billionaire. His wealth was estimated to be 2% of the U.S. GDP during his era. In 1937, he appeared on the cover page of Time magazine as the richest man in the world.
Born in 1886, the Nizam ruled the Princely State of Hyderabad, which was the largest princely state in British India. He also made contributions to the modernization of Hyderabad. He introduced electricity to the state, founded Osmania University, Osmania General Hospital, the State Bank of Hyderabad, Begumpet Airport, and the Hyderabad High Court.
Although the story of donating 5000 kilograms of gold was a myth, the Nizam’s was involved in philanthropic activities. He contributed to India’s progress and development in various ways.When Mir Osman Ali Khan passed away in 1967, over a million people attended his funeral.
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