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'Indians are easy scapegoats', says Marcellus founder Saurabh Mukherjea
Mukherjea remarked that Indians are successful and therefore are soft targets for politicians to evoke resentment.
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Jeffin T. Kaleekal - Mon, 12, Jan 2026
- 04:21 EST
- 18
Saurabh Mukherjea at the Raj Shamani podcast / Raj Shamani via YouTube
Saurabh Mukherjea, founder and chief investment officer of Marcellus Investment Manager, theorized that Indians are soft-targets who are easily scapegoated for all American woes and this rhetoric of excusism is what feed anti-Indian sentiments within Americans.
Appearing on Raj Shamani’s podcast, Mukherjea remarked that "scapegoats are rarely truly powerful. They are instead highly visible, relatively successful, but politically expendable. Mukherjea brings in examples that span centuries."
This makes the Indian-American community ideal candidates for hate because they are largely successful and thereby provoke resentment, while being politically weak. Mukherjea observed that leaders frequently gain power not by solving deep structural issues, but by providing emotional comfort. Scapegoating of a group provides sufficient emotional release for the people to be distracted from foundational issues.
ALSO READ: The Rising Visibility of Anti-Indian Racism
Mukherjea received his formal education at the London School of Economics, where he earned a BSc in Economics with First Class Honours, followed by an MSc in Economics with distinction in both Macroeconomics and Microeconomics. While in London, he co-founded Clear Capital, marking his early entry into the financial sector.
Before establishing Marcellus, Mukherjea, an alumnus of St. Columba's School in New Delhi, served as the CEO of Ambit Capital. He is a Founding Director of the Association of Portfolio Managers in India (APMI), a key industry trade body, and continues to play an active role in multiple SEBI working groups tasked with reviewing and reforming the regulatory framework governing portfolio management in India.
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