The United States-based short-selling firm Hindenburg Research on Saturday morning hinted at another major revelation about India.

“Something big soon India,” posted Hindenburg Research on its X (formerly Twitter) handle, sparking speculation about potential suspects from among the major corporate houses in India.

In January 2023, Hindenburg in a report had accused the Adani Group of insider trading and stock market violations. The report led to major controversies with Opposition protests in the Parliament and a Securities and Exchange Board of India (Sebi) show-cause notice to Hindenburg.

The leader of Opposition in the Lok Sabha Rahul Gandhi has been constantly accusing the government of Prime Minister Narendra Modi of being too close to the Adani Group.

The Hindenburg report on Adani had come just ahead of Adani Enterprises’ planned share sale. The report triggered a sharp fall in the group’s stocks including its overseas-listed bonds. The Adani Group has denied the allegations.

In June this year, Sebi said Hindenburg Research had links with the New York-based hedge fund manager Mark Kingdon.

The markets regulator had said that Hindenburg had shared an advance copy of the report on Adani with Kingdon at least two months’ prior to the expose that allowed the American hedge fund manager to make substantial profits through strategic trading.

Following the Sebi report, the Supreme Court of India dismissed a petition seeking a court-monitored probe into the Hindenburg-Adani case.

On July 19 advocate and BJP leader Mahesh Jethmalani had claimed that the “hatchet job on Adani” was an act of vengeance by China. He had urged the Modi government to probe alleged Chinese links with the Indian main opposition parties without taking any names.

“Now that there’s an established Chinese hand behind the Hindenburg hatchet job on the Adani Group it behoves Government of India to probe linkages between the loudest political voices that pre and post the publication of the Hindenburg report savaged the government for its “crony capitalism,” wrote Jethmalani on ‘X’.

“The hit job on the Adani group was Chinese vengeance for losing out on strategic mining and infrastructure project bids, one of the most crucial of which was the bid for the Israeli port of Haifa.”