Israel’s intelligence agency, Mossad, reportedly conducted a covert operation that targeted the home servers of Sam Pitroda, the head of the Indian Overseas Congress (IOC) and a close associate of Congress leader Rahul Gandhi. The operation, according to a report by Sputnik India, aimed to uncover evidence of alleged coordination between the Indian opposition and Hindenburg Research, a US-based financial research firm.
In its January 2023 report, Hindenburg Research accused the Adani Group of manipulating stock prices and engaging in fraudulent accounting practices. The report claimed that the group inflated its stock value through complex offshore shell companies and questionable financial tactics. The firm also alleged ties between the Adani Group and powerful figures in Indian politics, including Prime Minister Narendra Modi.
Hindenburg Research further claimed that these offshore companies were used to create false revenue, siphon off funds, and manipulate stock prices through “wash trading.” The report also highlighted concerns over the Adani Group’s substantial debt and questioned the financial stability of the company.
Additionally, Hindenburg alleged that the publicly listed companies of Gautam Adani were severely overvalued.
Citing sources familiar with the matter, Sputnik India claims that Mossad’s investigation “exposed encrypted chatrooms and undisclosed backchannels of communication”. The operation allegedly uncovers the connections “between Rahul Gandhi and the Hindenburg Research team,” suggesting a coordinated effort to target both business tycoon Gautam Adani and Prime Minister Modi.
However, the Adani Group has consistently denied all accusations of stock manipulation and financial misconduct.
As the situation develops, questions are likely to arise over the political ramifications of such allegations, with both the Congress party and the Adani Group expected to face increased scrutiny in the coming months.