Who is Chander Shekhar Aggarwal? Jalandhar realtor under ED scanner in Sanjeev Arora-linked probe
Known for his good contacts in the Aam Aadmi Party, Chander Shekhar Aggarwal, who came under the radar of the Enforcement Directorate, has seen a meteoric rise in his businesses over a decade
Chander Shekhar Aggarwal, a Jalandhar-based realtor, investor and businessman with close ties to the Aam Aadmi Party (AAP), is once again in the spotlight after the Enforcement Directorate (ED) conducted raids at his residence in Guru Tegh Bahadur Nagar and office on Nakodar Road on Thursday.
This marks the second time the central agency has targeted him in connection with Punjab Industries Minister Sanjeev Arora.
Also read: Who is Hemant Sood? Ludhiana businessman under ED scanner in FEMA probe
Aggarwal has seen a meteoric rise over the past decade-plus, transforming from modest beginnings into a prominent figure in real estate and finance. The Aggarwal family first gained attention in Jalandhar when his brother Kamal Aggarwal launched a popular evening tabloid more than 20 years ago.
While other family members ventured into dairy and scrap dealing, Chander started small-scale property sale-purchase deals before scaling up significantly. He was accused of involvement in sports betting, too.
Today, he is a key player in Jalandhar’s real estate market with multiple projects, primarily on the prime 66-feet road.
His notable developments include Mexmon Dreams, Palm City, Highstreet, and Palm City 2 — a mix of residential and commercial properties that have contributed to his growing wealth and visibility.
Aggarwal is associated with as many as 41 companies, including Mexmon Capital Management, Mexmon Infrastructures, Mexmon Properties, Mexmon Global Developers, Finton Homes, Panjim Real Estates, and several Findoc entities such as Findoc Investmart, Findoc Infrabiz, Findoc Infrastructure, and Findoc Commodities.
He serves as co-director in many of these with Ludhiana-based stockbroker and investor Hemant Sood, whose premises were also raided by the ED.
He previously lived with his family in Gopal Nagar before moving to a plush residence in Guru Tegh Bahadur Nagar. He also maintains an office on Nakodar Road.
Aggarwal has faced regulatory scrutiny before. His residence and offices were searched by the Income Tax department teams in November 2022. The ED has been investigating his alleged investments in the UAE, along with links to fund flows involving real estate and financial entities.
The latest ED action on April 17 covered multiple locations linked to Aggarwal, Sanjeev Arora, his son Kavya Arora, and Hemant Sood across Jalandhar, Ludhiana, Gurugram, and Chandigarh.
The probe, under the Foreign Exchange Management Act (FEMA), examines allegations of round-tripping of funds, laundering of proceeds from insider trading and illegal betting, and misuse of investment routes. Aggarwal is reportedly being looked at for his role in these financial operations through the companies he is associated with.
No formal charges have been filed against him in public reports so far, and Aggarwal has not issued any statement on the raids.
