Mossad’s internal communications described Gandhi as a “bitter dynast” allegedly involved in “coordinated efforts” to damage Adani and Indian Prime Minister Narendra Modi.

In an explosive revelation with far-reaching geopolitical implications, sources have told Sputnik India that Israeli Prime Minister Benjamin Netanyahu personally ordered the country’s spy agency, Mossad, to counter an alleged international campaign aimed at tarnishing the reputation of Indian billionaire Gautam Adani.

This unprecedented operation, codenamed Operation Zeppelin, reportedly included hacking into the personal servers of Indian political strategist and Indian Overseas Congress (IOC) head Sam Pitroda.

According to highly placed sources, Mossad’s intervention was triggered days after the now-infamous Hindenburg Research report released on January 24, 2023, which accused Adani of orchestrating “the largest con in corporate history.” The bombshell wiped off approximately $150 billion from Adani Group’s valuation and led to one of India’s most severe stock market crashes.

Haifa Deal and Israel’s Strategic Concerns

The timing of the Hindenburg report raised alarms in Tel Aviv, occurring just days before Adani Ports and Special Economic Zone (APSEZ) closed a landmark $1.2 billion deal to acquire Haifa Port—Israel’s largest and most strategic shipping hub. Sources told Sputnik India that Netanyahu, present during the finalization of the Haifa deal, raised the issue directly with Adani in a high-level closed-door meeting.

“This report… it is a serious threat to your business, isn’t it?” Netanyahu reportedly asked Adani, who was alone representing his group at the time. Present alongside Netanyahu were key aides, including Eshel Armoni, former Mossad operative and then-chairman of Haifa Port.

Adani’s calm rebuttal—“Not at all. It’s all lies.”—did little to ease Israeli concerns.

Netanyahu, citing the strategic nature of the India-Israel relationship, is believed to have told Adani, “Even if you see no threat, we have to be concerned. If it weakens you, it could sabotage not just this port deal but everything we have worked to build with India.”

According to sources, he described the Hindenburg charges as an “indirect attack” on Israel and assured Adani: “Israel believes in protecting its friends.”

Mossad Launches Operation Zeppelin

Within days, Mossad launched Operation Zeppelin, activating its elite Tzomet (Human Intelligence) and Keshet (Cyber Operations) units. The operation aimed to uncover what Israeli intelligence perceived as a coordinated global effort to derail the Haifa deal and undermine India’s standing.

Targets reportedly included Hindenburg Research’s New York headquarters and its founder Nathan Anderson, who were put under direct surveillance. The operation expanded to monitor hedge funds, activist lawyers, journalists, and political figures allegedly linked to the U.S. Deep State and billionaire George Soros.

One of the most startling aspects of the operation was the cyber intrusion into the Illinois-based residence of Sam Pitroda. Sources claimed that Mossad successfully accessed encrypted chatrooms and backchannel communications allegedly linking senior Indian opposition figures, including Congress MP Rahul Gandhi, to Anderson’s team.

Citing these findings, sources said Mossad’s internal communications described Gandhi as a “bitter dynast” allegedly involved in “coordinated efforts” to damage Adani and Indian Prime Minister Narendra Modi.

Global Surveillance and Western Media

Mossad’s operations reportedly spanned multiple geographies—ranging from the U.S. and Canada to Europe and Australia. One decrypted email from Anderson, dated September 2023, allegedly confirmed a broader plan: “Nate’s report was just the beginning. More’s coming.”

By January 2024, Adani was privately briefed on the Zeppelin findings by Israeli intelligence operatives in Switzerland. The resulting dossier—spanning 353 pages—accused Western media outlets, USAID, and the Organized Crime and Corruption Reporting Project (OCCRP) of amplifying anti-Adani narratives.

According to sources, USAID played a “central role” in disseminating disinformation through media channels.

In November 2024, intermediaries linked to Mossad reportedly leaked segments of the dossier to Reuters, Bloomberg, and The Guardian. Only French investigative outlet Mediapart published a report. “Most buried the story,” the sources noted.

Legal Blowback and Political Fallout

The dossier’s release coincided with legal actions against Adani by U.S. agencies, reportedly influenced by Biden administration officials. However, these cases collapsed under scrutiny, and sources say they led to the resignation of U.S. Attorney for the Eastern District of New York, Breon Peace.

In December 2024, Adani’s legal team—led by powerhouse firm Quinn Emanuel—sent a seven-page legal threat to Hindenburg Research. A month later, Nathan Anderson allegedly agreed to dissolve Hindenburg in exchange for immunity, which was revoked after Donald Trump assumed office in January 2025.

Congress Responds

India’s main opposition party, Congress, has categorically denied any links to Hindenburg or foreign entities. In a statement, it called the allegations a diversionary tactic to shift attention away from the serious issues raised by the Hindenburg report.

“This is nothing but a smokescreen to protect the ruling party’s corporate allies,” a Congress spokesperson told local media.

If confirmed, the revelations about Operation Zeppelin mark an extraordinary case of transnational intelligence operations being deployed in the defense of private economic interests. It underscores the evolving nexus between geopolitics, corporate interests, and cyber-espionage.

As of now, neither the Israeli Prime Minister’s Office nor Mossad has commented on the allegations. Gautam Adani’s office has also declined to respond to queries from Sputnik India.

This story is developing.

Protesters carried flags and banners with slogans such as “Remove Adani Save Dharavi” from the slum to Adani’s premises in the central business district of India’s financial capital.

“We are not against development, but the way the Dharavi redevelopment is planned it will only benefit Adani and not the slum residents,” Baburao Mane, leader of Save Dharavi Committee (Dharavi Bachao Andolan), said.

The protest comes amid growing political opposition to the state government – ruled by Prime Minister Narendra Modi’s Bhartiya Janata Party (BJP) and allies – for giving undue favours to Adani firms in allotting and executing the slum overhaul contract.

A rival bidder – a Dubai-based consortium – has mounted a legal challenge alleging the Maharashtra government improperly cancelled an original 2018 tender for the slum redevelopment and favoured Adani in giving the new contract.

Adani and the state government have denied any wrongdoing and say contracts have been awarded as per laws and policies.

Protesters have demanded that both eligible and non-eligible residents of the slum be housed inside the redeveloped area and be given bigger homes of 500 square feet, instead of the promised 300-350 sq ft. Some protesters also want the government to take over the slum overhaul instead of private developers like Adani.

The Maharashtra state government in July approved Adani Group’s bid to overhaul Dharavi, which is known for producing leather goods, following years of failed attempts.

The slum, about three-quarters the size of New York’s Central Park, featured in Danny Boyle’s Oscar-winning 2008 movie “Slumdog Millionaire”, and has open sewers and shared toilets. It is located close to Mumbai’s international airport and high-rise office blocks housing foreign companies – making a stark contrast to India’s development boom.

The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing of existing debt.

Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.

Meanwhile, the company in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group’s (SP Group) Gopalpur port in Odisha for about 11-12 billion rupees ($132-$144 mln), The Economic Times reported last week.

Shares in Adani Ports have more than doubled from the multi-year lows hit after the Hindenburg report. They were last up nearly 1% taking their year-to-date gains to 27%.

Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement.

“We are closely monitoring the action on ground which is concentrated in South Israel, whereas Haifa port is situated in the North. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality”.

Haifa’s contribution to Adani Ports’ numbers is “relatively small” at 3% of the total cargo volume, the statement added.

Adani operates the Haifa Port in northern Israel along with a local company after it completed its purchase for 4 billion shekels ($1.03 billion) in January.

Haifa is one of the main seaports in Israel, where about 99% of all goods move in and out of the country by sea.

Investor worries come as Palestinian Islamist group Hamas on Saturday launched the largest military assault on Israel in decades, killing hundreds of Israelis.

Shares of Adani Ports are down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index (.NSEI).

“The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias … Besides, it is not just Israel and Iran, but commodity prices will also get impacted,” said Avinash Gorakshakar, head of research at Profitmart Securities.

Haifa is a significant trading hub on the Mediterranean, located north of the present conflict zone.

Adani, the founder and chairman of the group, had said in January that the group would continue to invest in Israel.

Earlier in the year, Adani Ports completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project.

Meanwhile, the shares of other listed Adani Group companies fell 1-4% on Monday.

The Securities and Exchange Board of India (SEBI) will say for the first time that India’s customs authority alerted it to an alleged misuse of offshore funds by Adani Group companies in 2014 but that the initial investigation did not yield anything and was paused in 2017, the sources said.

SEBI restarted investigations into the group this year after U.S.-based short-seller Hindenburg Research raised governance concerns – allegations Adani Group has denied.

Both sources declined to be named because they are not authorised to speak to the media. SEBI did not respond to an email seeking comment. UK Sinha, who was chairperson of SEBI during the investigations, declined Reuters requests for comment.

SEBI has not before said it investigated the group in 2014, and the regulator’s plan to clarify the timeline of investigations has not been reported.

A public interest litigant told the Supreme Court in September 2023 that SEBI had concealed the 2014 alert, which alleged stock price manipulation using offshore entities.

One of the sources said SEBI pursued the allegations after being alerted in January 2014. Between then and 2017, SEBI sought but failed to get data from foreign jurisdictions, the second source said.

India’s Directorate of Revenue Intelligence (DRI) also investigated. DRI in the alert to SEBI had alleged Adani Group companies over-valued equipment and machinery imported from a United Arab Emirates (UAE)-based entity, according to court documents.

DRI suspected some of the funds used in those transactions may have found their way back into the Adani Group’s listed companies, according to a letter from DRI to SEBI in January 2014, seen by Reuters.

But a DRI adjudicator dismissed the customs department’s charges in 2017, the source said.

“After this, SEBI investigation fell by the wayside,” the source said.

DRI did not immediately respond to a request for comment.

DRI appealed the adjudicator’s decision to drop the investigation, but a higher court dismissed it in 2022, saying evidence was not reliable. The Supreme Court also dismissed the appeal in March 2023 saying that the matter did not require its interference.

The Supreme Court is overseeing SEBI’s current probe into the Adani Group.

In a status report in August, SEBI said it had nearly completed its probe, but continues to investigate possible violation of public float rules by Adani Group using offshore funds and irregular trading before the Hindenburg report was published, according to court filings.

The Securities and Exchange Board of India (SEBI) will say for the first time that India’s customs authority alerted it to an alleged misuse of offshore funds by Adani Group companies in 2014 but that the initial investigation did not yield anything and was paused in 2017, the sources said.

SEBI restarted investigations into the group this year after U.S.-based short-seller Hindenburg Research raised governance concerns – allegations Adani Group has denied.

Both sources declined to be named because they are not authorised to speak to the media. SEBI did not respond to an email seeking comment. UK Sinha, who was chairperson of SEBI during the investigations, declined Reuters requests for comment.

SEBI has not before said it investigated the group in 2014, and the regulator’s plan to clarify the timeline of investigations has not been reported.

A public interest litigant told the Supreme Court in September 2023 that SEBI had concealed the 2014 alert, which alleged stock price manipulation using offshore entities.

One of the sources said SEBI pursued the allegations after being alerted in January 2014. Between then and 2017, SEBI sought but failed to get data from foreign jurisdictions, the second source said.

India’s Directorate of Revenue Intelligence (DRI) also investigated. DRI in the alert to SEBI had alleged Adani Group companies over-valued equipment and machinery imported from a United Arab Emirates (UAE)-based entity, according to court documents.

DRI suspected some of the funds used in those transactions may have found their way back into the Adani Group’s listed companies, according to a letter from DRI to SEBI in January 2014, seen by Reuters.

But a DRI adjudicator dismissed the customs department’s charges in 2017, the source said.

“After this, SEBI investigation fell by the wayside,” the source said.

DRI did not immediately respond to a request for comment.

DRI appealed the adjudicator’s decision to drop the investigation, but a higher court dismissed it in 2022, saying evidence was not reliable. The Supreme Court also dismissed the appeal in March 2023 saying that the matter did not require its interference.

The Supreme Court is overseeing SEBI’s current probe into the Adani Group.

In a status report in August, SEBI said it had nearly completed its probe, but continues to investigate possible violation of public float rules by Adani Group using offshore funds and irregular trading before the Hindenburg report was published, according to court filings.

Here is a timeline of Dharavi’s development and previous failed efforts to remake the 594-acre (240-hectare) slum.

1800s: Dharavi’s growth coincides with migration into Bombay, now known as Mumbai. Potters, leather tanners, artisans and embroidery workers started trade and business in the region by the late 1800s. Slum dwellers squatted on these lands and built huts in a haphazard manner, authorities say.

1971-76: The state government of Maharashtra passes a law to improve living conditions of the Mumbai slum, providing residents with taps, toilets and electrical connections.

2004-05: Maharashtra approves redevelopment of Dharavi and appoints Slum Rehabilitation Authority to plan the project.

2007-08: Survey by the Maharashtra Social Housing and Action League, a non-government organization, shows around 47,000 legal residents and 13,000 commercial structures in Dharavi. But the figure excludes many more occupying upper floors, and the informal population continues to grow in subsequent years.

Until 2016: The state government attempts to attract developers to overhaul Dharavi but fails to garner interest.

2018: Maharashtra issues a tender for redevelopment of Dharavi over seven years via a 20% government, 80% privately held arrangement. Dubai’s SecLink consortium and India’s Adani Group are among the bidders.

2019: SecLink’s bid of $871 million is the highest; Adani comes second with a $548 million bid.

2020: Maharashtra government cancels the 2018 tender, saying its acquisition of certain land for the project altered costs after the bidding process ended, and necessitated restarting the process.

2020: SecLink sues Maharashtra government in the High Court of Bombay, accusing it of incorrectly cancelling the tender. The state denies wrongdoing.

2022: Maharashtra issues a new tender with modified terms. Adani Group bids $614 million, India’s DLF (DLF.NS) is among other bidders. SecLink doesn’t bid.

2023: State government awards the Dharavi project to Adani Group. SecLink adds Adani Group to its lawsuit against the state government. Adani and the state government contest allegations of wrongdoing in court filings.

GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 million shares of the company through a bulk deal, the disclosure made late on Saturday said.

The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after U.S. short-seller Hindenburg Research’s critical report on the Adani group that was published in January.

The Adani group has denied all Hindenburg’s allegations.

Reuters reported last Wednesday that GQG partners bought an 8.1% stake in Adani Power for $1.1 billion via block deal.

The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions (ADAI.NS) the report said.

Adani’s power and energy businesses include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS), but both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, the report added.

TAQA may acquire a stake through a combination of primary infusion and secondary purchase of shares from promoter family entities.

The company’s founding shareholders, or promoters, hold a 62.52% stake in the company, which includes Gautam Adani’s family trust’s ownership of 53.93%.

A likely 20% stake in Adani Energy Solutions will amount to 183.43 billion rupees ($2.21 billion), according to Thursday’s closing levels at 822.20 rupees.

The Adani Group and TAQA did not immediately respond to Reuters request for comment.

The fast-moving consumer goods maker’s consolidated net loss for the quarter ended June 30 came in at 789.2 million rupees ($9.56 million), compared with a profit of 1.94 billion rupees a year earlier.

Higher sales volume on the back of robust urban and rural demand for its products was offset by the continued decline in edible oil prices, the Adani group company said.

Edible oil prices have fallen by more than 50% in less than a year, which along with higher material costs in April, resulted in pressured profitability during the quarter.

“Our margins got impacted by high-cost inventory in a falling edible oil price environment,” said Adani Wilmar Chief Executive Officer Angshu Mallick.

The edible oil and industry essentials segment reported a 15% slump each in sales value, even as total sales volume rose by 25%.

The Fortune cooking oil maker earlier flagged a decline in consumer demand in developed economies and robust production of oilseeds globally as reasons for the fall in edible oil prices.

The company reported a 12.2% fall in revenue from operations to 129.28 billion rupees with a 14.5% decline in the edible oil segment.

Additionally, the industry essentials segment reported a 15.6% decline in revenue owing to a steep correction in prices of Oleo and Castor products.

Rival Saffola-parent Marico (MRCO.NS), reported a bigger-than-expected rise in quarterly profit on the back of lower input costs even as revenue fell on sluggish rural demand.

Adani Wilmar’s shares fell as much as 4.2% after the results.