An investor from Mumbai has made a big allegation against Zerodha. Dr. Anirudh Malpani alleges that Zerodha is running a scam. He has claimed that despite having a withdrawable balance of around Rs 18.46 crore, he could not withdraw more than Rs 5 crore from his trading account. Malpani is an IVF specialist and legal investor. He has shared a screenshot of his dashboard of Zerodha on social media platform X.
Zerodha accused of free use of money
The screenshot shared by Malpani shows total account value of Rs 42.9 crore, used margin and withdrawable balance of around Rs 24.46 crore. In his post he has called it ‘Zerodha Scam’. He has written, “They did not let me withdraw my money from their account. They said that the daily limit for withdrawing money is Rs 5 crore. They use my money for free.”
Zerodha presented clarification in this matter
The screenshot shared by Malpani includes a message from Zerodha app. The message reads, “A maximum of Rs 5 crore can be withdrawn daily. The request for instant withdrawal should be between Rs 100 and Rs 2,00,000 per day. The withdrawal limit will depend on the withdrawable balance available in the trading account.” Zerodha co-founder Nikhil Kamat has confirmed that Malpani’s payout request has been processed.
Withdrawal limit has been fixed for security
Kamat said that the limit of Rs 5 crore has been fixed as a security measure. He wrote, “Hi Doctor, your payout request has been processed yesterday. Like other financial services firms, it is important for us to ensure the security of our systems. There are certain conditions for clients to withdraw their money. As you can imagine, a number of issues may arise during the withdrawal process. Once the funds are paid out, there is no way to recover them. Therefore, there is a limit of Rs 5 crore, so that we can help our customers. “Ask to create a ticket for withdrawal.”
Users refused to consider it a scam
This matter is being discussed a lot in the trading circles. A user has asked, “Why keep 18 crores in Zerodha? Even banks and payment apps have a daily withdrawal limit. This is for security and not a scam.” Another professional wrote, “This is not a scam. I would like to associate with a broker who has such security measures in their system. This prevents scams and cases like emptying the account in a single day.”
Advice not to make sensitive information public
Some users have expressed concern over publicly posting sensitive financial data. One user wrote, “For your own benefit, please do not disclose such amount publicly. It may pose a danger to you.”