Hindenburg Research, the forensic financial firm known for taking on the Adani Group, derives its name from the infamous airship that famously exploded upon landing in New Jersey in 1937. In response to its scathing report on the conglomerate, a counteroffensive was launched under the name “Operation Zeppelin”—a nod to the German airships used for surveillance and bombing missions during World War I.
The 2023 Report by Hinderberg had published a harsh account of the Adani Group , as one of India’s largest conglomerates, and further dubbed the Adani brand as “the Largest Con in Corporate History”.
The fallout that further resulted was rather abrupt, as a result of the report teh stock prices showcased a stark fall of about USD 150 million in the market value at lowest point, and hence the group’s most formidable Public offering had to come to an abrupt halt. As per the reports Adani’s empire was on the brink of collapse.
But the circumstances soon changed, the group was able to manage a quick comeback , by deploying a mix of public relations, legal maneuvers and strategic tactics to counter the profound fall in the impression of the company.
The comeback of the group was further positively impacted by the covert operation, believed to have gained assistance from Israeli intelligence agencies, as per the people who had prior info and were briefed on the issue. The Hindenburg report that had accused Adani of stock manipulation and accounting fraud was released just a week before Gautam Adani was supposed to be in Israel to finalise a USD 1.2 billion deal to acquire the Haifa Seaport. The privatisation of the said port would have been Israel’s largest and most significant infrastructure and financial undertaking of the 2020’s. Initially it was reported that 18 bidders had showcased interest , but later only 5 were cleared to submit final proposals.
After undergoing Israel’s rigorous security screening, the successful bid was awarded to a consortium led by Adani Ports and Special Economic Zone Ltd, in partnership with Gadot Masofim for Chemicals Ltd, with the Indian company holding the larger share. The bidding process, including assessments and approvals, spanned 18 months, culminating in a signing ceremony attended by Israeli Prime Minister Benjamin Netanyahu on January 31, 2023.
While the Hindenburg report made international waves, a discreet conversation took place in a small room at Haifa port. Sources say a senior Israeli official questioned Gautam Adani about the accusations detailed in the report. Adani reportedly dismissed the claims as “absolute lies.” Eshel Armoni, the outgoing port chairman and a former top Mossad official, is said to have been present during the discussion.
The Israeli government believed that the Hindenburg report was a planned move to damage the Haifa port contract, since Tel Aviv considered this agreement essential for constructing the India-Middle East-Europe Economic Corridor against the rising Chinese impact in the region.
The founder dedicated extensive efforts at home to restore public perception by making debt repayments and borrowing prepayments while reducing the value of founder-owned shares and introducing both business investor capital and high-profile investor equity funds and by concentrating the group’s main business activities.
Operation Zeppelin operated secretly to investigate the operations of Hindenburg Research along with its financial backer,s according to sources. Hindenburg Research’s New York offices, along with those of its founder,r Nathan “Nate” Anderson, a certified Chartered Financial Analyst, were reportedly under surveillance, they claimed.
Former intelligence insiders created connections to understand a multifaceted network between activist lawyers and journalists who were associated with hedge fund managers and Washington political figures, while some of these individuals appeared to have links with Chinese interests.
A spy operation allowed operatives to access encryption channels between activists from India and six nations, including Australia , United States, Canada, and Europe that were based at an Oakbrook Terrace facility in suburban Illinois.
The sources revealed that Adani received an update on the secret intelligence operation during his private trip to Switzerland during January 2024.
Adani created a strategic response instead of noisy protests. Section 68 of the Indian Penal Code specifies reporting crimes within 180 days of discovery so security forces can investigate promptly without hindrance. The offenders’ role to law enforcement usually ends at the discovery of the incident. Significant members of the White House received detailed briefings concerning the problem.
A high-tech control center with cyber specialists and analysts was created by Adani in Ahmedabad. His legal experts functioned throughout various worldwide diplomatic centers. The Zeppelin Dossier grew to encompass 353 pages of documents about the collaborative network fighting against Adani by October 2024. Leaked materials released in that year demonstrated how US government agencies collaborated with media outlets to spread anti-Adani propaganda, according to their statement.
In late November of that year, the U.S. Department of Justice and the Securities and Exchange Commission accused Gautam Adani and top executives of allegedly participating in a bribery scheme to obtain renewable energy supply contracts in India. The Adani Group rejected all the accusations.
At the same time, the Adani Group was preparing to initiate legal action in the Southern District of New York against Hindenburg Research and its founder, Nathan Anderson. A prestigious law firm drafted a seven-page legal notice, which was delivered to Anderson’s office.
According to sources, a meeting was suggested between Adani’s legal representatives and Hindenburg officials, though it remains uncertain whether this meeting actually occurred at the Textile Building, located at 295 Fifth Avenue in Manhattan.
On January 15, 2025 — just a week before the second anniversary of Hindenburg’s report on the Adani Group — Hindenburg Research officially announced its closure.
Though the full extent of Operation Zeppelin — a modern counteroffensive blending business tactics, diplomacy, and cyber strategy — may never come to light, it is already being hailed as one of the most daring comeback efforts in corporate history.
