Business: A Zerodha customer has accused the platform of stopping him from withdrawing money. When he gave this information on a social media post, Zerodha CEO Nitin Kamat himself had to defend the company in this matter. Investor Dr. Anirudh Malpani alleged on the platform that Zerodha has fixed the daily withdrawal limit. This gives the company “free use of their money”. As soon as this was revealed, the matter turned sour.

Zerodha accused of scam
While sharing the screenshot on Monday, Dr. Malpani said that Zerodha has fixed the withdrawal limit of ₹ 5 crore per day. He wrote, “Scam in Zerodha! They are not allowing me to withdraw my money from my account, and saying daily limit of withdrawal is Rs 5 crore. They use my money for free! Zerodha this is wrong.” Along with this post, Malpani also shared a screenshot of his account, in which Rs 18 crore were lying.

Kamath himself defended Zerodha
Responding directly to the allegation on Tuesday, Zerodha co-founder and CEO Nitin Kamath himself defended the platform. He said the action was taken on the customer’s request. He defended the withdrawal limit of Rs 5 crore a day, saying it was done due to security measures. Kamat wrote “Hello Doctor, your payment request has been processed yesterday. We (like all other financial services firms) have to ensure that all security is in place while withdrawing funds on behalf of customers, for the security of our systems. You can understand that there are many potential issues that may arise during the withdrawal process, and once the funds are paid out, we have no way of getting them back. Therefore, we have set a daily limit of Rs 5 crore for customer withdrawals.

How did people react to Nitin’s answer?
This controversy also caught the attention of other users on social media. Many users praised Nitin’s own response on this issue. One user wrote, “Nitin, this is an amazing response, great to see! This brings back my faith in Zerodha.” Another wrote, “Pray to God for such problems.” “This is the power of X, the CEO comes to answer your question,” joked a third. Another response read, “Great job, Nitin” and “This is the perfect answer.”