`Seva Samiti` at Allahabad was indeed founded by Hridayanath Kunzru in 1914, making option 1 the correct choice.
Now, let`s discuss the other options to understand why they are incorrect:
Option 2: G.K. Gokhale was a prominent leader in the Indian Independence movement, and founded the Servants of India Society, not the Seva Samiti.
Option 3: Shri Ram Bajpai was a famous Hindi writer and was not involved in founding any major social organizations like the Seva Samiti.
Option 4: Tej Bahadur Sapru was a notable lawyer and politician, but he too wasn`t the founder of Seva Samiti.
Therefore, we can conclude that Hridayanath Kunzru, a prominent social activist and politician, was the founder of the Seva Samiti in Allahabad in 1914.