- Mossad cooperated in identifying the global network behind the Hindenburg attack, fearing it jeopardised not only Adani but also Israel’s expanding relationship with India.
- The Adani Group’s $1.18 billion acquisition of Israel’s Haifa Port was more than just a business deal; it was a bold geopolitical move, as it is a significant Mediterranean gateway that handles roughly half of Israel’s container freight.
- Operation Zeppelin revealed indirect linkages between Soros-funded NGOs, persons associated with the Hindenburg Campaign and Indian opposition figures, including Rahul Gandhi and Sam Pitroda, as participants in the worldwide campaign against Adani.
- The operation revealed that Hindenberg was used to demonstrate that global networks concerned about India’s growing might were targeting Indian conglomerates and, thus, India.
It started with a report. On January 24, 2023, Hindenburg Research, a New York-based short-selling business, issued a 106-page dossier accusing the Adani Group of stock manipulation, accounting fraud, and financial irregularities.[1] The consequences were quick and severe: over $150 billion in market value was lost, Adani’s public offering was halted, and global investors fled. But it wasn’t simply the banking sector that took note.
In Tel Aviv, alarms rang. Adani was about to complete a $1.2 billion acquisition of Haifa Port, an Indian beachhead in Israel with significant geopolitical importance, just days after the report was released.[2] Israeli Prime Minister Benjamin Netanyahu, who had personally approved the transaction, was concerned about geopolitical sabotage. What appeared to be a financial exposé now smelled considerably more orchestrated.
That was when Operation Zeppelin was born.
A Name That Meant War
Operation Zeppelin, named after German World War I airships noted for their stealth and long-range reconnaissance, was not your typical public relations reaction. It was a counterstrike, silent, vast, and global in scope. The Adani Group put together a secret team of veteran intelligence officers, cybersecurity professionals, legal strategists, and geopolitical analysts. Israel’s renowned foreign intelligence organisation, Mossad, had secretly cooperated in identifying the global network behind the Hindenburg attack, fearing it jeopardised not only Adani but also Israel’s expanding relationship with India.[3]
Mediapart and Weekly Blitz reported in late 2024 that Mossad had discovered encrypted conversations between hedge funds, NGOS, and political influencers in the United States, Europe, and India. One area of interest is Oakbrook Terrace, Illinois, where a putative nerve centre for encrypted data exchanges was penetrated, revealing links between financial firms and activist organisations.[4]
By October 2024, Operation Zeppelin had reportedly collected a 353-page dossier detailing a complex web of lawyers, journalists, short-sellers, and political operators, some of whom were supposedly supported by power brokers in Washington and Beijing. It was half business espionage and part geopolitical chess.
The focus remained on Nathan Anderson, the founder of Hindenburg Research. Surveillance operations allegedly tracked him down in New York, recording meetings, phone calls, and digital trails that suggested far more collaboration than financial analysis. What was the result? Hindenburg Research announced its closure on January 15, 2025. It’s unclear whether it was due to legal pressure, reputational damage, or the aftermath of Operation Zeppelin’s publication, but the timing prompted some concerns.
Was Adani Just a Target or a Symbol?
The question that looms over this saga is not whether Adani’s finances were clean. Regulatory investigations in India are still underway. The Hindenburg report’s timing and the orchestration are the more intriguing aspects. This theory is based on the Haifa Port transaction. For New Delhi and Tel Aviv, the acquisition was a cornerstone of the India-Middle East-Europe Economic Corridor, a goal to rival China’s Belt and Road Initiative. Some saw the fact that the study arrived days before the port handover as more than a coincidence. Israeli media began hinting at foreign measures to “destabilise strategic cooperation.”[5]
Gautam Adani reportedly received a closed-door briefing on the operation’s findings in Switzerland as early as January 2024. According to insiders, what he witnessed reframed the situation as an international campaign, rather than a corporate controversy.
Significance of the Haifa Port
The Adani Group’s $1.18 billion acquisition of Israel’s Haifa Port was more than just a business deal; it was a bold geopolitical move. Haifa, a significant Mediterranean gateway that handles roughly half of Israel’s container freight, has historical significance for India, as its soldiers freed the city during WWI. Prime Minister Narendra Modi paid tribute to that legacy during his 2017 visit, unveiling a plaque honouring Dalpat Singh, dubbed the “Hero of Haifa.” That historical echo gave the 2023 acquisition an added symbolic heft—India returning, this time with capital and cooperation, rather than cavalry.
Adani’s entry, along with Israel’s Gadot Group (30% ownership), outperformed worldwide opponents, including sidelined Chinese and Gulf bidders, aligning with India’s strategic goals and the India-Middle East-Europe Corridor (IMEC), a trade route rivalling China’s Belt and Road. Just two weeks after the acquisition, a Hindenburg Research study alleging fraud against Adani caused global turbulence, wiping $150 billion off the group’s market value. The timing sparked concerns about geopolitical motivations to disrupt India-Israel relations.
Following Adani’s takeover of Haifa Port, operational turmoil quickly ensued. Labour unions, which had long opposed privatisation, contested the change, culminating in CEO Udi Sharon’s departure in 2024 due to unapproved salary negotiations.[6] The aftermath damaged relations with Israeli stakeholders, amid mounting tensions over regulatory reforms and competition from the nearby Chinese-operated SIPG port.
Nonetheless, Adani stood steady. Gautam Adani promised to alter Haifa’s skyline during a 2023 ceremony with Prime Minister Netanyahu, envisioning the port as a magnet for technology, real estate, and culture. Mayor Einat Kalisch-Rotem hailed the vision as a stimulus for urban revitalisation. Beyond the port, Adani expanded his reach by establishing an AI lab in Tel Aviv and collaborating with Israeli corporations such as Elbit Systems on defence projects, cementing the group’s presence in Israel’s tech and security sector.[7]
The Soros Shadow
George Soros, the billionaire investor and liberal philanthropist who has long been critical of Prime Minister Narendra Modi’s government, joins this already muddled picture. Surveillance conducted by Operation Zeppelin purportedly revealed indirect linkages between Soros-funded NGOs and persons associated with the Hindenburg Campaign. More controversially, it labelled Indian opposition figures, including Rahul Gandhi and Sam Pitroda, as participants in the worldwide campaign against Adani. Pitroda, a longstanding Gandhi aide, was accused of running encrypted servers at his U.S. residence, which were allegedly accessed during the Illinois breach.[8]
The Indian National Congress has categorically denied any involvement, rejecting the charges as a distraction and accusing the Adani Group of transforming a financial crisis into a political vengeance. However, conservative outlets reported that Rahul Gandhi met with Anderson in Palo Alto in May 2023 and attended closed-door sessions in New York. Although no clear proof has been presented publicly, the assertions have acquired traction among media circles.[9]
The Fightback
As Zeppelin unfolded, Adani wasn’t just defending. The Group overhauled its finances, lowering debt and promoter pledges, attracting foreign investors, and focusing on its core infrastructure businesses. Legal teams drafted a complaint in the Southern District of New York, and a 7-page draft legal brief was delivered to Anderson’s office.
Operation Zeppelin became more than just a salvage mission. The Adani Group told the story of corporate resilience in the face of what it saw as a weaponised disinformation campaign. In political terms, the operation revealed that the Hindenberg was used to demonstrate that Indian conglomerates, and thus India, were being targeted by global networks concerned about India’s growing might.
Conclusion
If the Hindenburg report represented the most public battle between Indian business ambition and Western financial scrutiny, Operation Zeppelin provided an invisible counterpunch. It demonstrated how modern business wars are no longer fought just in stock markets or courtrooms, but also across borders, narratives, intelligence networks, and the internet.
As India emerges on the global arena, its corporate titans will confront scrutiny—and may respond in ways that blur the line between business, statecraft, and shadow warfare.
References:
- [1]India’s Adani vs Hindenburg Research: What you need to know
- [2] Adani paid entire $1.2 bn to acquire Haifa port, says Israel’s envoy to India
- [3] Mossad launched covert operation to protect Adani amid Hindenburg row; tracked Rahul Gandhi
- [4] Operation Zeppelin: Inside Adani’s counter to Hindenburg Research
- [5] Israel backs India’s Adani after US bribery allegations, Israeli envoy says
- [6] Adani Group’s Haifa Port faces turmoil as CEO alleges corruption before exit
- [7] Adani to set up AI lab in Tel Aviv, develop real estate in Haifa
- [8] Mossad exposes how Rahul Gandhi with funding from Deep State and Soros used Hindenburg to destroy Bharat’s economy
- [9] Hindenburg founder Nathan Anderson refutes allegations of links to Rahul Gandhi
Pranav S is a Project Assistant at the Energy Department, Government of Karnataka with an MA in Public Policy. Views expressed are the author’s own.
Aayush Pal 
Pragathi Kowndinya 
Sughosh Joshi