New Delhi— When Hindenburg Research launched a scathing attack on the Adani Group in January 2023, labeling it “the largest con in corporate history,” few could have predicted the dramatic comeback that followed. The report erased over $150 billion from Adani’s market value and forced the company to cancel its largest public offering. But behind the scenes, a covert counteroffensive was already in motion—dubbed Operation Zeppelin.
As the Hindenburg allegations surfaced, Adani Group Chairman Gautam Adani was in Israel finalizing a $1.2 billion deal to acquire the strategic Haifa seaport. The bid, secured in partnership with Gadot Masofim for Chemicals Ltd, had been under negotiation for 18 months and was considered crucial to the India-Middle East-Europe Economic Corridor. At the signing, attended by Israeli Prime Minister Benjamin Netanyahu, questions about the Hindenburg report arose. Adani firmly dismissed the accusations as “absolute lies.”
Determined to reclaim its reputation, the Adani Group launched Operation Zeppelin, a multifaceted effort involving public relations, legal strategies, and intelligence gathering. Sources suggest the operation, named after German airships used in World War I, may have involved assistance from Israeli intelligence to investigate Hindenburg’s backers.
According to insiders, Israeli officials viewed the Hindenburg report as an attempt to sabotage the Haifa port deal, which held strategic significance for regional trade routes. As Adani refocused on its core businesses, Operation Zeppelin quietly continued, working to expose a network of activist lawyers, journalists, hedge funds, and political actors—some allegedly tied to Chinese interests, others connected to U.S. power brokers.
Gautam Adani was reportedly briefed on the operation during a private visit to Switzerland in January 2024. In Ahmedabad, teams of attorneys, intelligence consultants, and cyber experts coordinated surveillance efforts in the U.S. and across global capitals. A high-tech control room monitored developments, while leaked documents in 2024 pointed to alleged links between U.S. agencies and media outlets amplifying anti-Adani narratives.
In late 2024, the U.S. Department of Justice and the Securities and Exchange Commission (SEC) charged Adani executives with alleged bribery related to renewable energy contracts in India. The Adani Group strongly denied all allegations.
Simultaneously, Adani prepared legal action against Hindenburg Research and its founder, Nathan Anderson, issuing a legal notice and proposing meetings between legal teams—though it remains unclear if those meetings occurred.
On January 15, 2025, Hindenburg Research abruptly announced it was shutting down operations, just days before Donald Trump’s inauguration as U.S. President. The closure raised eyebrows, especially as court proceedings in Canada’s Ontario later revealed evidence of Hindenburg’s undisclosed ties and possible securities fraud.
Operation Zeppelin stands as one of corporate India’s boldest counteroffensives, helping Adani navigate one of the most turbulent chapters in its history and mount a remarkable comeback. (Source: IANS)
