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In January 2023, forensic financial firm Hindenburg Research released a damning report labeling the Adani Group as ‘the largest con in corporate history’.
The fallout was immediate and severe; the Adani Group lost over USD 150 billion in market value, and its largest public offering was abruptly shelved.
However, the conglomerate launched a stunning counteroffensive, dubbed Operation Zeppelin, blending legal tactics, cyber intelligence, and international diplomacy to regain control of the narrative.
Adani Counters Allegations With Strategic Response
Gautam Adani and his leadership team responded quickly and strategically. The group pre-paid loans, reduced promoter pledges, attracted fresh investments, and focused on its core businesses.
This financial recalibration restored a degree of investor confidence.
Sources revealed that behind the scenes, a covert operation, Operation Zeppelin, was underway to trace the network behind the Hindenburg attack.
Israel Deal In Spotlight Amid Controversy
Just days before Hindenburg’s report was released, Adani was in Israel finalising a USD 1.2 billion deal to acquire the Haifa port, the country’s largest infrastructure privatisation in decades.
The Adani-Gadot consortium had emerged as the winner after 18 months of vetting and bidding.
As news of the report spread globally, Israeli officials questioned Adani during a private conversation at the Haifa port. He reportedly dismissed the allegations as ‘absolute lies’. Notably, Eshel Armoni, former Mossad official and outgoing port chairman, was present.
Some Israeli authorities viewed the Hindenburg report as an attempt to disrupt the strategically important deal, which supported the India-Middle East-Europe Economic Corridor, seen as a counterbalance to China’s growing regional influence.
Operation Zeppelin Targets Hindenburg’s Network
Adani’s inner circle, working with intelligence operatives, launched Operation Zeppelin, a clandestine investigation into Hindenburg Research.
Surveillance reportedly extended to the firm’s New York offices and its founder, Nathan Anderson.
Investigators uncovered what they described as a web of hedge funds, political operatives, journalists, and activist lawyers, some allegedly linked to Chinese interests and US policy influencers.
The operation tracked encrypted communications in the US, Canada, Australia, and Europe, including from a suburban building in Oakbrook Terrace, Illinois.
Global Legal Push And Cyber Surveillance
Adani’s team built a digital war room in Ahmedabad, equipped with cyber experts and analysts.
Legal teams coordinated across major international capitals.
During a private visit to Switzerland in January 2024, Adani was briefed on the operation’s progress.
By October 2024, the internal Zeppelin Dossier had grown to 353 pages.
Leaked documents allegedly revealed links between US government agencies and media platforms promoting anti-Adani narratives.
US Charges And Legal Counteraction
In late November 2024, the US Department of Justice and the Securities and Exchange Commission charged Gautam Adani and key executives in an alleged bribery case linked to renewable power contracts in India.
The Adani Group denied all charges.
Simultaneously, Adani’s legal team in the US prepared to sue Hindenburg Research and Nathan Anderson in the Southern District of New York.
Adani’s legal team sent a draft brief to Anderson and proposed a meeting, though its occurrence remains unclear.
Hindenburg Shuts Down Operations
On January 15, 2025, a week before its report’s second anniversary, Hindenburg Research permanently shut down.
Operation Zeppelin ranks among the boldest corporate counteroffensives, with Adani’s team using legal, cyber, and diplomatic tactics to regain control.
Also Read: India’s Infrastructure Output Rises 3.8% In March 2025 On Strong Steel & Cement Growth
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