Operation Zeppelin: Mossad’s Eye on a Coordinated Campaign
In a dramatic twist to one of India’s most controversial corporate sagas, Israeli intelligence agency Mossad has reportedly unearthed an intricate global network of individuals and organizations allegedly involved in a coordinated effort to target the Adani Group and, by extension, India’s financial credibility. The revelation was brought to light by Vijay Patel, the founder of the fact-checking platform ‘Only Fact,’ who cited Mossad’s covert findings in a detailed post on social media platform X (formerly Twitter).
According to Patel, this intelligence-led discovery—codenamed Operation Zeppelin—was born during a private discussion in Israel between Indian and Israeli leadership. The meeting coincided with Gautam Adani’s presence in the country to finalize a $1.2 billion deal for the Haifa Port in January 2023. What began as a business transaction evolved into a matter of national security and geopolitical intrigue.
Hindenburg Research: The Catalyst Behind the Storm
The controversy can be traced back to January 2023, when U.S.-based short seller Hindenburg Research released a damning report alleging financial misconduct and stock manipulation by the Adani Group. The timing was suspicious. Just days before the publication, Adani was in Israel concluding the historic Haifa Port acquisition—one that had taken 18 months of deliberation and had the personal endorsement of Israeli Prime Minister Benjamin Netanyahu.
The report caused an immediate and significant drop in Adani Group’s market valuation, triggering panic among investors and a fierce backlash from the Indian conglomerate. The fallout was not just economic—it rippled across the political and diplomatic spheres, raising concerns about foreign interference in India’s capital markets.
Inside the Web: Hedge Funds, Lawyers, and Activists
According to Mossad’s alleged findings, surveillance of Hindenburg’s operations revealed connections far beyond a single financial firm. Patel claims Mossad agents identified a complex network involving activist lawyers, hedge funds, journalists, and even political operatives spanning the U.S., Europe, Canada, Australia, and India.
A particularly explosive detail involves a property in Oakbrook Terrace, Illinois—an address linked to encrypted communications between hedge funds and activist groups. Patel alleged that the same location is associated with the Indian Overseas Congress, suggesting political undercurrents to what appeared to be a purely financial expose.
While the intelligence report remains classified, Patel hinted that individuals interested in the names involved could refer to the public thread he posted online.
Hindenburg Shuts Down: A Sudden End, or a Strategic Retreat?
In early 2025, weeks after U.S. President Joe Biden’s electoral defeat, Hindenburg Research unexpectedly announced it was shutting down operations. Founder Nate Anderson claimed the firm had completed its active projects. However, critics argue this abrupt closure raises more questions than it answers.
Senior lawyer Sidharth Luthra pointed to the Indian Supreme Court’s directive for multiple investigative agencies to look into the Adani allegations, suggesting that mounting legal pressure may have contributed to the closure. Political analyst Rajat Sethi took a harsher stance, asserting that a foreign entity tried to manipulate India’s financial ecosystem under the guise of market transparency.
Was this a calculated “hit-and-run” by a foreign interest group, or a strategic disbanding in the face of growing scrutiny?
A Foreign Interference in the ‘India Story’?
The dismantling of Hindenburg Research does little to erase the financial and reputational damage it inflicted. As Rajya Sabha MP Mahesh Jethmalani termed it, the episode could be seen as a form of “economic terrorism” designed to destabilize one of India’s key corporate players—and by extension, its growing economic influence.
He linked the operation to the so-called “democratic deep-state,” even naming billionaire George Soros as a figure with vested interests in shaping global narratives. Whether or not these claims hold up under further scrutiny, what’s undeniable is the need for robust safeguards to protect India’s economic sovereignty in an era of digital information warfare.
As Gautam Adani stated during the company’s AGM in June 2024, “We faced baseless accusations made by a foreign short seller that questioned our decades of hard work.” The time may have come to ask: Who really writes the global financial script—and whose story gets silenced?
(With inputs from agencies)
