Operation Zeppelin: Inside Adani’s covert counteroffensive to Hindenburg

Hindenburg Research, the financial forensics firm that shook the Adani Group with its explosive allegations, borrowed its name from the ill-fated airship that infamously caught fire in 1937. In a twist of irony, the Adani Group’s response was internally dubbed Operation Zeppelin—after the German airships used in First World War reconnaissance and warfare.

In January 2023, Hindenburg published a scathing report accusing the Adani Group—one of India’s largest corporate conglomerates, led by billionaire Gautam Adani—of engaging in “the largest con in corporate history”. The impact was immediate: share prices collapsed, wiping out over USD 150 billion in market value at one point, and the group was forced to withdraw a major public offering. For a brief time, Adani’s corporate empire seemed to be in peril.

However, the company rebounded swiftly, launching a broad campaign combining legal action, public relations, and financial restructuring to restore credibility and investor confidence.

Part of this response involved a covert initiative—Operation Zeppelin—which, according to sources, included the involvement of an Israeli intelligence-linked network. The Hindenburg report was released just days before Gautam Adani travelled to Israel to finalise a USD 1.2 billion acquisition of the Haifa port—an infrastructure project of major strategic importance to Israel.

Initially, 18 global firms expressed interest in the port’s privatisation, but only five were shortlisted. The final bid, from a joint venture between Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, passed Israel’s strict security vetting. Adani secured the majority stake, and the agreement was signed on 31 January 2023 in the presence of Prime Minister Benjamin Netanyahu.

Operation Zeppelin: Behind the stage

Amid media frenzy over the Hindenburg report, a quiet exchange reportedly took place at the Haifa port, where a senior Israeli official questioned Adani about the allegations. The Indian businessman is said to have dismissed them as “absolute lies”. Eshel Armoni, the outgoing port chairman and a former senior Mossad figure, was also reportedly present.

Some within Israel viewed the timing of the report as a deliberate attempt to sabotage the port deal, which was seen as a critical link in the emerging India-Middle East-Europe Economic Corridor, countering China’s regional influence.

Back in India, Adani focused on stabilising his business: reducing debt through repayments and prepayments, cutting the founder’s pledged shares, securing new equity from investors, and doubling down on core operations.

Parallel to these efforts, Operation Zeppelin intensified. According to sources, it aimed to investigate Hindenburg Research’s network, track its funding, and identify its associates. Surveillance was reportedly conducted on Hindenburg’s New York offices and its founder Nathan Anderson, a certified financial analyst.

The operation uncovered, sources claimed, a complex nexus involving hedge funds, political operatives, journalists, and activist lawyers—some allegedly linked to Chinese interests or US-based power centres. Intelligence operatives reportedly gained access to the precinct in Oakbrook Terrace, Illinois, uncovering encrypted communications between alternative asset managers and activists across the US, Europe, India, Canada, and Australia.

Adani was reportedly briefed on these developments during a private visit to Switzerland in January 2024. Rather than responding publicly, he is said to have quietly mobilised teams of legal and intelligence professionals. A tech-equipped command centre was established in Ahmedabad, with legal teams coordinating across key international cities.

By October 2024, the so-called Zeppelin Dossier had grown to 353 pages, reportedly documenting the web of actors allegedly working to destabilise the group. That same year, leaked files claimed to show ties between certain US agencies and media organisations critical of Adani.

In late November 2024, the US Department of Justice and the Securities and Exchange Commission accused Gautam Adani and senior executives of involvement in a bribery scheme related to renewable energy contracts in India. The group has denied all allegations.

Simultaneously, the Adani Group prepared to sue Hindenburg Research and Nathan Anderson in the Southern District of New York. A seven-page draft legal brief was sent to Anderson’s office by a high-profile law firm. A proposed meeting between Adani’s legal representatives and Hindenburg’s team was floated, though it remains unclear if it occurred at the Textile Building on Manhattan’s Fifth Avenue.

On 15 January 2025—just days before the second anniversary of its report on the Adani Group—Hindenburg Research formally announced its closure.

Operation Zeppelin, a multi-pronged counteroffensive blending business acumen, intelligence tactics, and diplomatic strategy, may never be fully revealed. Yet, it is already being viewed as one of the boldest corporate fightbacks in recent memory.

Credit: As reported by Ammar Zaid of PTI