Who Is Dr. Aniruddha Malpani? All About the Mumbai Investor Who Flagged a ‘Zerodha Scam’ After Failing to Withdraw ₹5 Crore
Dr. Aniruddha Malpani, a renowned IVF specialist and angel investor from Mumbai, found himself at the center of an online debate after accusing Zerodha, a popular online brokerage firm, of running a scam. The controversy arose when he claimed he couldn't withdraw more than ₹5 crore from his Zerodha demat account, despite having a substantial balance of ₹18 crore.
The Screenshot Mystery
Dr. Malpani shared screenshots of his Zerodha account on Twitter, revealing a total account value of ₹42.9 crore, with a used margin of ₹24.46 crore locked in trades and a withdrawable balance of ₹18.46 crore. However, the platform's withdrawal policy states that a maximum of ₹5 crore can be withdrawn per day, sparking the debate.
The Debate Unfolds
The online community reacted with mixed opinions. Some users questioned the credibility of the large account balance, while others expressed concerns about publicly disclosing sensitive financial information. Dr. Malpani defended his actions, explaining that he sold shares and wanted to withdraw his money for social impact initiatives.
Industry Expert's Perspective
Ajay Rotti, the Founder and CEO of Tax Compass, weighed in, defending Zerodha's withdrawal policy. He argued that such controls are essential to prevent potential fraud and compared it to daily limits set by banks and online payment systems. Rotti suggested that customers can increase withdrawal limits if needed, rather than labeling every issue a scam.
Dr. Malpani's Background
Dr. Aniruddha Malpani's career began in 1991 with the establishment of the Malpani Infertility Clinic. He has since expanded his expertise into entrepreneurship and angel investing, with investments in over 30 companies across various sectors. His recent focus has been on social impact initiatives, aiming to deploy his financial resources for meaningful causes.
