November 04 – 2025 – Dr Aniruddha Malpani, a respected IVF specialist and investor from Mumbai, recently found himself at the centre of a storm after accusing India’s largest stockbroking firm, Zerodha, of blocking access to his own funds. His post on X (formerly Twitter) calling it a “Zerodha scam” quickly went viral, sparking debates about transparency and withdrawal limits on trading platforms.
The Zerodha scam !
— Dr Aniruddha Malpani, MD (@malpani) November 3, 2025
They don't allow me to withdraw my own money from their account ,saying the daily limit for withdrawal is Rs 5 crores . They use my money for free !@zerodhaonline
This is unfair @nikhilkamathcio pic.twitter.com/QgEborsDxP
What Exactly Happened
On November 3, 2025, Dr Malpani shared a screenshot showing his Zerodha account with a balance of ₹42.92 crore, of which ₹18.46 crore was marked as “withdrawable.” He claimed he tried to withdraw more than ₹5 crore but was stopped by the system, alleging that Zerodha was “using my money for free.”
Soon after, Nithin Kamath, Zerodha’s Response:
- Nithin Kamath, CEO, clarified that the ₹5 crore cap applies only to instant withdrawals.
- For larger amounts, clients must raise a support ticket for verification due to security and reconciliation reasons.
- Kamath emphasised that the withdrawal request was processed and that customer funds remain completely safe.
Quick Facts
| Detail | Information |
|---|---|
| Name | Dr Aniruddha Malpani |
| Profession | IVF Specialist & Angel Investor |
| Clinic | Malpani Infertility Clinic, Mumbai |
| Investment Firm | Malpani Ventures |
| Controversy Date | November 3, 2025 |
| Platform | Zerodha |
| Issue Raised | ₹5 crore withdrawal cap |
| Account Balance (screenshot) | ₹42.92 crore total; ₹18.46 crore withdrawable |
| Zerodha’s Reply | Larger withdrawals need verification |
| Education | MBBS, MD (Obstetrics & Gynaecology), University of Mumbai |
| Born | June 29, 1961 |
Who Is Dr Malpani Beyond the Controversy
Dr Malpani is one of India’s early pioneers in IVF treatments. Along with his wife, Dr Anjali Malpani, he runs the Malpani Infertility Clinic in Mumbai. He started the firm named HELP – Health Education Library for People. It is one of the first patient education libraries in the country. Furthermore, he invests in healthcare, education, and early-stage tech startups, often emphasising ethics and long-term impact over quick returns.
Why It Matters
The dispute may seem minor, but it has reignited larger questions about how fintech firms handle large client funds. Many traders and investors have since asked for clearer communication of withdrawal policies.
For now, Zerodha maintains that all client money is safe. But Dr Malpani’s post has opened an important conversation about transparency and trust in India’s fast-growing digital investment space.
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