After Hindenburg Research’s 2023 report branding the Adani Group as “the largest con in corporate history”, the conglomerate launched “Operation Zeppelin”—an effort combining legal, intelligence and PR tactics. The report wiped $150 billion in market value and threatened key deals, including Adani’s $1.2-billion acquisition of Israel’s Haifa Port.

The covert campaign reportedly involved Israeli intelligence and traced back actors linked to global hedge funds and political figures. Documents emerging in 2024 suggested links between Hindenburg and US interests. Adani Group continued to deny all allegations and initiated legal proceedings against Hindenburg and its founder.

Hindenburg abruptly shut down operations in January 2025, just before Donald Trump’s inauguration, raising further questions.