Operation Zeppelin: Inside Adani's Counter To Hindenburg research

Hindenburg Research, nan forensic financial patient that challenged nan Adani Group, took its sanction from nan infamous airship that burst into flames upon arriving successful New Jersey successful 1937. And nan antagonistic to its damning study against nan conglomerate was dubbed 'Operation Zeppelin,' named aft nan German dirigible airships utilized for reconnaissance and bombing during nan First World War.

In January 2023, Hindenburg published a scathing study describing nan Adani Group, 1 of India's largest conglomerates, led by 1 of its richest men, arsenic "the largest con successful firm history".

The fallout was swift: banal prices plummeted, wiping retired complete USD 150 cardinal successful marketplace worth astatine nan lowest point, and nan group's biggest nationalist offering was abruptly scrapped. For a moment, it seemed for illustration Gautam Adani's empire was connected nan brink.

But that belief didn't past long. The group staged a swift comeback, deploying a operation of nationalist relations, ineligible maneuvers, and strategical strategies to antagonistic nan fallout and reconstruct investor confidence.

The comeback was bolstered by a covert operation, believed to person progressive assistance from an Israeli intelligence agency, according to group briefed connected nan issue.

The Hindenburg report, which accused nan Adani Group of banal manipulation and accounting fraud, dropped conscionable a week earlier Gautam Adani was successful Israel to finalise a USD 1.2-billion woody to get nan Haifa seaport.

The privatisation of Haifa Port was Israel's largest and astir eager infrastructure and financial undertaking of nan 2020s. Initially, 18 world bidders expressed interest, but only 5 were cleared to taxable last proposals.

The winning bid -- aft passing Israel's stringent information vetting -- came from a associated task betwixt Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, pinch nan Indian patient holding nan mostly stake.

The bids, evaluations, and clearances had taken 18 agelong months -- and Israeli Prime Minister Benjamin Netanyahu was coming astatine nan signing connected January 31, 2023.

As nan Hindenburg study dominated world headlines, a backstage speech unfolded successful a humble room astatine nan Haifa port. 

According to sources, a apical Israeli leader questioned Adani astir nan allegations, to which nan Indian billionaire firmly responded that they were "absolute lies". Eshel Armoni -- nan outgoing president of nan larboard and a erstwhile high-ranking Mossad charismatic -- was believed to person been coming during nan exchange.
Some wrong nan Israeli constitution viewed nan Hindenburg study arsenic a deliberate effort to undermine nan Haifa larboard deal, which Tel Aviv considered strategically captious for nan India-Middle East-Europe Economic Corridor -- a counterweight to increasing Chinese power successful nan region.

Back home, Adani worked overtime to claw backmost nan communicative by trimming indebtedness done prepayments and repayments of borrowing, cutting backmost connected nan founder's pledged shares, bringing successful some promoter and marquee investor equity, and refocusing attraction connected nan group's halfway businesses.

Parallelly, emerged Operation Zeppelin -- a clandestine investigation launched to uncover nan soul workings of Hindenburg Research and expose those backing it, sources said.
The New York offices of Hindenburg Research and its founder, Nathan 'Nate' Anderson, a certified Chartered Financial Analyst, were watched, they said.

Former intelligence insiders soon started connecting nan dots arsenic they stumbled upon a analyzable web of activistic lawyers, journalists, hedge funds, and governmental figures -- immoderate allegedly connected to Chinese interests, others to Washington powerfulness brokers.

Sources said nan spies moreover infiltrated a premise successful nan suburban neighbourhood of Oakbrook Terrace, a mini municipality successful Illinois extracurricular Chicago, which led to uncovering of encrypted communications betwixt privately held replacement plus guidance firms and activists based successful India, nan US, Europe, Canada, and Australia.

Sources said Adani was briefed astir nan covert cognition during his backstage sojourn to Switzerland successful January 2024.

Adani did not respond pinch sound -- he responded pinch strategy. A squad of attorneys and intelligence consultants to activity alongside nan ones during surveillance successful nan US, was assembled. Influential figures successful nan management were briefed connected nan issue.

In Ahmedabad, he group up a high-tech power room pinch cyber experts and analysts. His ineligible teams worked crossed world capitals.

By October 2024, nan Zeppelin Dossier connected nan collaborative web against Adani had swelled to 353 pages. Later that year, leaked documents purportedly showed links betwixt US agencies and media platforms that were pushing anti-Adani narratives, they said. 

In precocious November that year, nan US Department of Justice and nan Securities and Exchange Commission charged Gautam Adani and cardinal executives pinch being portion of an alleged bribery strategy to unafraid renewable powerfulness proviso contracts successful India. The Adani group denied each allegations.

Simultaneously, nan Adani Group prepared to motorboat ineligible proceedings successful nan Southern District of New York, against Hindenburg Research and Nathan Anderson. A seven-page draught ineligible brief, prepared by a achromatic footwear rule firm, was sent to Anderson's office.

Sources said a gathering betwixt nan Adani's ineligible intermediaries and Hindenburg officials was projected but it wasn't clear if nan gathering astatine nan Textile Building astatine 295 Fifth Avenue successful Manhattan took place.

On January 15, 2025, a week awkward of nan 2nd day of its study connected Adani group, Hindenburg Research formally announced shutting down of operations.

The full gamut of Operation Zeppelin -- modern-day counteroffensive that mixed business, diplomacy, and cyber strategy -- whitethorn ne'er beryllium known but it surely will beryllium considered nan boldest comeback strategy successful nan corporate world.