The correct answer is Option 3: Iltutmish.

Here is the historical context behind the rise and eventual fall of this powerful group:

Creation by Iltutmish: When Shams-ud-din Iltutmish took the throne of the Delhi Sultanate, he faced severe challenges from rival Turkish nobles and external threats. To secure his position, he handpicked 40 of his most loyal, elite Turkish slaves and nobles, organizing them into a powerful administrative and military corps known as Turkan-i-Chahalgani (The Corps of Forty).

The Power Shift: After Iltutmish’s death, this group became incredibly powerful, functioning as "kingmakers" who controlled the succession to the throne and heavily manipulated weak rulers.

Destruction by Balban (Option 2): Ghiyas-ud-din Balban was originally a member of the Chahalgani himself. When he finally seized the throne, he knew exactly how dangerous this group was to the absolute authority of the Sultan. Consequently, he ruthlessly crushed and abolished the Turkan-i-Chahalgani to consolidate his own power.

Quick Fact Check on other options:

Qutub-ud-din Aibak (Option 4): Founded the Slave/Mamluk Dynasty but died early in his reign before such an institutional corps was structured.

Ala-ud-din Khilji (Option 1): Belonged to the Khilji Dynasty and was famous for his strict agrarian, market control, and military reforms, long after the Chahalgani era.