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Business Standard
25-04-2025
- Politics
- Business Standard
'Lousy spy fiction': Hindenburg denies Adani, Mossad, Congress conspiracy
An article from news agency Press Trust of India earlier this month had cited unnamed sources claiming that Adani collaborated with agents from Israel's intelligence agency Mossad in an international Abhijeet Kumar New Delhi Nathan Anderson, founder of now-shuttered Hindenburg Research, has hit back at Indian news agency Press Trust of India (PTI) and Russian news outlet Sputnik India over reports suggesting that the US research firm had coordinated with Indian opposition leader Rahul Gandhi to target the Adani Group. The allegations, Anderson said, are baseless and not rooted in any factual evidence. 'A couple of days ago, Ammar Zaidi of the Press Trust of India (PTI) published a story claiming that Adani worked with dozens of Mossad agents to 'expose' us. The article reads like lousy spy fiction and looks to be fabricated out of thin air,' Anderson wrote on social media platform X. 'The reporter didn't bother to reach out to us for comment, one of the most basic functions of any credible journalist. Had he, we would have easily explained that none of the claimed events happened.' The PTI article in question reportedly cited sources claiming that Adani collaborated with agents from Israel's intelligence agency Mossad in an international effort to track and expose Hindenburg's activities. Anderson categorically denied the entire premise of the story. Was there ever a meeting between Hindenburg and Rahul Gandhi? Sputnik India had earlier reported that a covert operation by Mossad revealed digital evidence of collusion between Hindenburg and the Congress party, allegedly involving Indian Overseas Congress chairman Sam Pitroda. The report further claimed that a meeting took place in May 2023 between Anderson and Rahul Gandhi in Palo Alto. Israeli PM Netanyahu personally ordered Mossad to counter a global campaign against Indian billionaire Gautam Adani, sources told Sputnik India. Details of Operation Zeppelin in ???????? — Sputnik India (@Sputnik_India) April 23, 2025 Anderson denied any such meeting or interaction with Indian political figures. 'I've never even been to Palo Alto, and no one on my team (nor I) nor any 'allies' I'm aware of have met with or even spoken with any Indian politician, whether a member of the opposition or otherwise. Nor did we ever meet with or speak with any Biden officials, as also claimed by Sputnik,' he clarified. Is there any credibility to claims of a global network of collaborators? Sputnik India also alleged that Hindenburg operated through a 'complex web of activist lawyers, journalists, hedge funds, and political figures,' which Anderson strongly disputed. 'We have no office in Chicago. I've never been to Chicago, and the article doesn't even try to explain how a random suburban Chicago address has anything to do with anything. If there is some communications network involving all of these constituencies we've never been a part of it,' he stated. Why did Hindenburg shut down, and does it still stand by its Adani report? Hindenburg Research gained international attention in January 2023 after releasing a report accusing the Adani Group of orchestrating 'the largest con in corporate history.' The Adani Group has denied all allegations, while Anderson and his firm stood by their findings. Earlier this year, Anderson had announced that Hindenburg Research was shutting down. In a letter released on January 16, he confirmed that the closure was unrelated to any threat or external pressure. 'As to why I retired — it is all in the letter — it is not based on any threat, health issue, personal issue or otherwise,' he clarified. Despite the firm's closure, Anderson reaffirmed the validity of Hindenburg's research. The controversy, over its findings, continues to stir debate in India's political and corporate landscape, even as Anderson seeks to distance himself from what he describes as 'conspiracy theories' in the media.
Hans India
25-04-2025
- Business
- Hans India
Israeli PM came to rescue Gautam Adani after Hindenburg report
New Delhi: Israeli Prime Minister Benjamin Netanyahu reportedly ordered Mossad to step in and protect Indian billionaire Gautam Adani from a global campaign believed to be orchestrated by Hindenburg Research. Netanyahu took this step because the controversy broke just days before Adani Ports signed a $1.2 billion deal to buy a major stake in Israel's Haifa Port, according to a media report, as he was concerned the report could harm not only the businessman's reputation, but also a key economic partnership between India and Israel. Netanyahu, who was personally present during the Haifa deal discussions, reportedly met Gautam Adani in a private session. In that meeting, sources say Netanyahu conveyed deep concerns about the potential sabotage of Israel's strategic interests, suggesting that the report might have been intended to derail not only the Haifa Port transaction, but also broader economic and diplomatic cooperation between Israel and India. What followed was the launch of a covert Mossad mission, internally dubbed Operation Zeppelin. Two of Mossad's elite divisions - Tzomet, specialising in human intelligence, and Keshet, focused on cyber operations - were reportedly deployed to uncover the networks behind what was believed to be a coordinated smear campaign. The operation, spanning several continents including North America, Europe, and Australia, targeted Hindenburg's founder, Nathan Anderson and other actors allegedly involved in the campaign. Mossad's intelligence reportedly pointed to a network of activist lawyers, journalists, hedge funds, and political figures, many of whom were said to have links to the Biden administration, the US intelligence community, and billionaire financier George Soros. One of the key revelations is that Mossad reportedly 'targeted senior Indian opposition figures during this period, including Sam Pitroda, chairman of the Indian Overseas Congress and a close aide to Congress leader Rahul Gandhi'.
Economic Times
24-04-2025
- Business
- Economic Times
Operation Zeppelin: Inside Adani's counter to Hindenburg
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War. In January 2023, Hindenburg published a scathing report describing the Adani Group, one of India's largest conglomerates, led by one of its richest men, as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over USD 150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped. For a moment, it seemed like Gautam Adani's empire was on the brink. But that impression didn't last long. The group staged a swift comeback, deploying a mix of public relations, legal maneuvers, and strategic tactics to counter the fallout and restore investor confidence. The comeback was bolstered by a covert operation, believed to have involved assistance from an Israeli intelligence agency, according to people briefed on the issue. The Hindenburg report, which accused the Adani Group of stock manipulation and accounting fraud, dropped just a week before Gautam Adani was in Israel to finalise a USD 1.2-billion deal to acquire the Haifa seaport. The privatisation of Haifa Port was Israel's largest and most ambitious infrastructure and financial undertaking of the 2020s. Initially, 18 international bidders expressed interest, but only five were cleared to submit final proposals. The winning bid -- after passing Israel's stringent security vetting -- came from a joint venture between Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, with the Indian firm holding the majority stake. The bids, evaluations, and clearances had taken 18 long months -- and Israeli Prime Minister Benjamin Netanyahu was present at the signing on January 31, 2023. As the Hindenburg report dominated global headlines, a private conversation unfolded in a modest room at the Haifa port. According to sources, a top Israeli leader questioned Adani about the allegations, to which the Indian billionaire firmly responded that they were "absolute lies". Eshel Armoni -- the outgoing chairman of the port and a former high-ranking Mossad official -- was believed to have been present during the exchange. Some within the Israeli establishment viewed the Hindenburg report as a deliberate attempt to undermine the Haifa port deal, which Tel Aviv considered strategically vital for the India-Middle East-Europe Economic Corridor -- a counterweight to growing Chinese influence in the region. Back home, Adani worked overtime to claw back the narrative by trimming debt through prepayments and repayments of borrowing, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses. Parallely, emerged Operation Zeppelin -- a clandestine investigation launched to uncover the inner 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 the dots as they stumbled upon a complex web of activist lawyers, journalists, hedge funds, and political figures -- some allegedly connected to Chinese interests, others to Washington power brokers. Sources said the spies even infiltrated a premise in the suburban neighbourhood of Oakbrook Terrace, a small town in Illinois outside Chicago, which led to uncovering of encrypted communications between privately held alternative asset management firms and activists based in India, the US, Europe, Canada, and Australia. Sources said Adani was briefed about the covert operation during his private visit to Switzerland in January 2024. Adani did not react with noise -- he responded with strategy. A team of attorneys and intelligence consultants to work alongside the ones during surveillance in the US, was assembled. Influential figures in the administration were briefed on the issue. In Ahmedabad, he set up a high-tech control room with cyber experts and analysts. His legal teams worked across international capitals. By October 2024, the Zeppelin Dossier on the collaborative network against Adani had swelled to 353 pages. Later that year, leaked documents purportedly showed links between US agencies and media platforms that were pushing anti-Adani narratives, they said. In late November that year, the US Department of Justice and the Securities and Exchange Commission charged Gautam Adani and key executives with being part of an alleged bribery scheme to secure renewable power supply contracts in India. The Adani group denied all allegations. Simultaneously, the Adani Group prepared to launch legal proceedings in the Southern District of New York, against Hindenburg Research and Nathan Anderson. A seven-page draft legal brief, prepared by a white shoe law firm, was sent to Anderson's office. Sources said a meeting between the Adani's legal intermediaries and Hindenburg officials was proposed but it wasn't clear if the meeting at the Textile Building at 295 Fifth Avenue in Manhattan took place. On January 15, 2025, a week shy of the second anniversary of its report on Adani group, Hindenburg Research formally announced shutting down of operations. The entire gamut of Operation Zeppelin -- modern-day counteroffensive that combined business, diplomacy, and cyber strategy -- may never be known but it certainly will be considered the boldest comeback strategy in the corporate world.
NDTV
23-04-2025
- Business
- NDTV
Mossad Uncovered Web Of People Who Targeted Adani And India: Fact-Checker On Hindenburg
New Delhi: The US-based short seller Hindenburg Research which shut down weeks after Joe Biden lost the presidential election this January faced a determined counterattack from Adani Group, which the short seller had targeted in January 2023. The Hindenburg report came out just days before Adani Group Chairman Gautam Adani was in Israel to finalise a $1.2-billion deal to acquire the Haifa seaport. The winning bid came from a joint venture between Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, with the Indian firm holding the majority stake. The bids, evaluations, and clearances for the privatisation of Haifa Port had taken 18 long months -- and Israeli Prime Minister Benjamin Netanyahu was present at the signing on January 31, 2023. Vijay Patel, who runs the fact check website ' Only Fact ', posted a thread on X detailing what he uncovered during his investigation into the Hindenburg hit job on Adani Group, corroborating with new information from Israel's intelligence agency Mossad. Mr Patel said Mr Adani was in Israel to finalise the Haifa seaport deal on January 31, 2023, while in private, two leaders were discussing the Hindenburg report on the Adani Group. "This meeting gave birth to Operation Zeppelin," Mr Patel said. "When Mossad agents started to monitor the Hindenburg office, they found a complex web of activist lawyers, journalists, hedge funds, and politicians," he said, adding Mossad's report is not public and anybody who wants to know the names may read the thread he posted on X. "Most shockingly, Mossad spies infiltrated a premise in the suburban neighborhood of Oakbrook Terrace, a small town in Illinois outside Chicago. They have successfully encrypted communications between privately held alternative asset management firms and activists based in India, the US, Europe, Canada, and Australia," Mr Patel said. The same address is also of the Indian Overseas Congress, he alleged. 6. In a recent attack on Adani, At 2:20 AM IST(3:50 PM EST), CNBC wrote a story about a case against Adani in New York. At 2:23 AM IST, within three minutes, National General Secretary of Indian Overseas Congress, Sandeep Wangala, did a tweet! — Vijay Patel (@vijaygajera) April 23, 2025 The announcement by Hindenburg that it will shut down had raised questions over the harm it did to investors in India. Hindenburg founder Nate Anderson cited the short seller completed the projects it was handling. Senior lawyer Sidharth Luthra had told NDTV that Mr Anderson deciding to disband Hindenburg also came after the Supreme Court ordered all agencies relevant to the matter to look into the issue. Political analyst Rajat Sethi said the foreign firm operating outside of India's jurisdiction tried to influence India's markets and that led to investors' loss. More critical questions were raised in the wake of Mr Anderson's announcement. Does Hindenburg's disbanding prove the shoot and scoot nature of the organisation? What does it say about those who believe in the Hindenburg report? Was it a conspiracy of the deep state and foreign elements? Can Hindenburg still be punished? Or was it a big foreign interference in the 'India Story'? Rajya Sabha MP and senior lawyer Mahesh Jethmalani had alleged Hindenburg's disbanding signalled deeper implications, and suggested possible scrutiny by the US authorities or fear of investigation for its role in targeting Adani Group firms. Mr Jethmalani linked the development to the "democratic deep-state" led by billionaire George Soros, and termed it an act of "economic terrorism" aimed at destabilising India. Adani Group Chairman Gautam Adani at the annual general meeting in June 2024 said the group "faced baseless accusations made by a foreign short seller that questioned our decades of hard work."
India Today
23-04-2025
- Business
- India Today
'Operation Zeppelin' reveals details of Adani's counter to Hindenburg: Report
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World January 2023, Hindenburg published a scathing report describing the Adani Group, one of India's largest conglomerates, led by one of its richest men, as "the largest con in corporate history".advertisementThe fallout was swift: stock prices plummeted, wiping out over USD 150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped. For a moment, it seemed like Gautam Adani's empire was on the brink. But that impression didn't last long. The group staged a swift comeback, deploying a mix of public relations, legal manoeuvres, and strategic tactics to counter the fallout and restore investor comeback was bolstered by a covert operation, believed to have involved assistance from an Israeli intelligence agency, according to people briefed on the Hindenburg report, which accused the Adani Group of stock manipulation and accounting fraud, dropped just a week before Gautam Adani was in Israel to finalise a USD 1.2-billion deal to acquire the Haifa privatisation of Haifa Port was Israel's largest and most ambitious infrastructure and financial undertaking of the 2020s. Initially, 18 international bidders expressed interest, but only five were cleared to submit final winning bid -- after passing Israel's stringent security vetting -- came from a joint venture between Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, with the Indian firm holding the majority bids, evaluations, and clearances had taken 18 long months -- and Israeli Prime Minister Benjamin Netanyahu was present at the signing on January 31, the Hindenburg report dominated global headlines, a private conversation unfolded in a modest room at the Haifa to sources, a top Israeli leader questioned Adani about the allegations, to which the Indian billionaire firmly responded that they were "absolute lies". Eshel Armoni -- the outgoing chairman of the port and a former high-ranking Mossad official -- was believed to have been present during the within the Israeli establishment viewed the Hindenburg report as a deliberate attempt to undermine the Haifa port deal, which Tel Aviv considered strategically vital for the India-Middle East-Europe Economic Corridor -- a counterweight to growing Chinese influence in the home, Adani worked overtime to claw back the narrative by trimming debt through prepayments and repayments of borrowing, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core emerged Operation Zeppelin -- a clandestine investigation launched to uncover the inner workings of Hindenburg Research and expose those backing it, sources New York offices of Hindenburg Research and its founder, Nathan 'Nate' Anderson, a certified Chartered Financial Analyst, were watched, they intelligence insiders soon started connecting the dots as they stumbled upon a complex web of activist lawyers, journalists, hedge funds, and political figures -- some allegedly connected to Chinese interests, others to Washington power said the spies even infiltrated a premise in the suburban neighbourhood of Oakbrook Terrace, a small town in Illinois outside Chicago, which led to uncovering of encrypted communications between privately held alternative asset management firms and activists based in India, the US, Europe, Canada, and said Adani was briefed about the covert operation during his private visit to Switzerland in January did not react with noise -- he responded with strategy. A team of attorneys and intelligence consultants to work alongside the ones during surveillance in the US, was assembled. Influential figures in the administration were briefed on the Ahmedabad, he set up a high-tech control room with cyber experts and analysts. His legal teams worked across international October 2024, the Zeppelin Dossier on the collaborative network against Adani had swelled to 353 pages. Later that year, leaked documents purportedly showed links between US agencies and media platforms that were pushing anti-Adani narratives, they late November that year, the US Department of Justice and the Securities and Exchange Commission charged Gautam Adani and key executives with being part of an alleged bribery scheme to secure renewable power supply contracts in India. The Adani group denied all the Adani Group prepared to launch legal proceedings in the Southern District of New York, against Hindenburg Research and Nathan Anderson. A seven-page draft legal brief, prepared by a white shoe law firm, was sent to Anderson's said a meeting between Adani's legal intermediaries and Hindenburg officials was proposed but it wasn't clear if the meeting at the Textile Building at 295 Fifth Avenue in Manhattan took January 15, 2025, a week shy of the second anniversary of its report on Adani group, Hindenburg Research formally announced shutting down of entire gamut of Operation Zeppelin -- modern-day counteroffensive that combined business, diplomacy, and cyber strategy -- may never be known but it certainly will be considered the boldest comeback strategy in the corporate world.
