Zerodha Scam? Doctor's ₹43 Crore Claim Sparks Uproar, Nithin Kamath Clarifies Truth Behind Withdrawal Limit

A major controversy erupted online after a well-known Mumbai-based IVF specialist and investor, Dr. Aniruddha Malpani, accused Zerodha of blocking his withdrawal request. The incident gained widespread attention when Dr. Malpani shared screenshots of his brokerage account, showing a balance of over ₹42 crore, and claimed that the country’s largest brokerage firm was not allowing him to withdraw his own funds.

According to Dr. Malpani’s post on X (formerly Twitter), his Zerodha account showed ₹42.9 crore in total, with ₹24.46 crore invested in trades and ₹18.46 crore available as a withdrawable balance. He alleged that when he attempted to withdraw ₹5 crore, Zerodha refused to process the request, citing a daily withdrawal limit. Calling it a “Zerodha scam,” he accused the company of using clients’ money for free.

He wrote, “This is my own hard-earned money, and they’re not letting me withdraw it. They say you can’t withdraw more than ₹5 crore in a day. They’re using my money for free.”

The post quickly went viral, prompting Zerodha’s co-founder Nithin Kamath to respond. Kamath clarified that Dr. Malpani’s payout had already been processed and explained the logic behind the ₹5 crore daily limit.

Kamath wrote on X, “Hi Dr, your payout requests were processed yesterday. Like all other financial firms, we have checks in place to maintain system stability and protect clients from erroneous or fraudulent transactions.”

He further explained that withdrawal limits are part of standard security measures in financial systems. Such caps help prevent large-scale system errors and safeguard customers in case of technical glitches or fraud. Once funds are mistakenly transferred to a wrong account, recovery becomes almost impossible — hence these limits are necessary.

Who is Dr. Aniruddha Malpani?
Dr. Malpani is a reputed IVF specialist and founder of the Malpani Infertility Clinic in Mumbai, established in 1991. Beyond medicine, he is a seasoned angel investor with stakes in more than 30 startups across sectors like healthcare and technology, including his recent investment in Nexxio.