The term `Drain of Wealth` was first used by Dadabhai Naoroji. Dadabhai Naoroji was an Indian political leader and social reformer who played a significant role in the Indian independence movement. He was also a member of the Indian National Congress.

Option 1: Surendranath Banerjee was a prominent Indian nationalist leader who played a crucial role in the anti-partition movement in Bengal. While he was an influential figure in Indian politics, he did not coin the term `Drain of Wealth`.

Option 2: Bal Gangadhar Tilak was a prominent figure in the Indian independence movement. He is known for his efforts to promote nationalism and create a sense of unity among Indians. However, he did not use the term `Drain of Wealth` for the first time.

Option 3: Dadabhai Naoroji is the correct answer. He coined the term `Drain of Wealth` to describe the economic exploitation of India by the British colonial rulers.

Option 4: Mahatma Gandhi, although an important leader in the Indian independence movement, did not use the term `Drain of Wealth` for the first time.

Therefore, the correct answer is Option 3: Dadabhai Naoroji.