Dadabhai Naoroji also known as the "Grand Old Man of India" and "Unofficial Ambassador of India" was an Indian political leader, merchant, scholar and writer who was a Liberal Party Member of Parliament. Naoroji's drain theory and poverty. Dadabhai Naoroji's work focused on the drain of wealth from India to Britain during the period rule of British rule in India. Council Bills: The actual transfer of money took place through the sale of “Council Bills“, which were sold in London in sterling to purchasers of Indian goods who received Indian rupees in exchange. This caused drain of wealth.