Nithin Kamath responds to Zerodha scam claim over ₹5 crore withdrawal limit

A social media post accusing Zerodha of preventing a client from withdrawing funds triggered widespread discussion online and drew a swift response from the brokerage's CEO and co founder, Nithin Kamath. The exchange unfolded on X after investor Dr Aniruddha Malpani alleged that Zerodha was “using his money for free” by imposing a daily withdrawal ceiling.

On Monday, Dr Malpani shared screenshots and claimed that Zerodha had capped withdrawals at ₹5 crore per day. He wrote, “The Zerodha scam !They don't allow me to withdraw my own money from their account ,saying the daily limit for withdrawal is ₹5 crores . They use my money for free ! @zerodhaonline This is unfair.”

Check out the post here:

Responding directly to the allegation on Tuesday, Zerodha co-founder and CEO Nithin Kamath clarified that the withdrawal request had been processed and defended the platform's security measures.

“Hi Dr, your payout requests were processed yesterday. We need to ensure, for the sake of our systems' sanity (like all other financial services firms), that we have some checks in place when clients withdraw funds. As you can imagine, numerous potential issues can arise during the withdrawal process, and once funds are paid out, there is no way for us to recover them. Hence, ₹5 crore is the threshold at which we ask customers to create tickets to withdraw,” he wrote.

Take a look here at his post:

The exchange quickly drew attention across the platform, with several users weighing in on the clarification and praising the prompt response. One user commented, “That's mighty responsive Nitin, great to see this ! Restores my faith in Zerodha.” Another remarked, “Praying to god for such problems.” A third joked, “This is the power of X, CEO comes to answer your queries.” More reactions followed, including, “Great job, Nithin” and “This is perfect reply.”

Source: HindustanTimes
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