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News Topical, Digital Desk : The Wisdom Tree School in Greater Noida West is currently at the center of a major financial controversy. The Kanpur-based Benami Prosecutor of the Income Tax Department has declared the school's building, worth approximately ₹125 crore (approximately $1.25 billion), as benami property. Although the school remains fully operational and students are continuing their studies, the action has cast a pall of uncertainty over the entire campus, raising concerns among parents.
In fact, this entire incident began about six months ago, when the Income Tax Department received an anonymous letter alleging that large amounts of black money had been used in the construction of the school building. Taking this information seriously, the department launched a detailed investigation. During the investigation, the Income Tax Department examined documents, bank transactions, and statements from the individuals involved. The investigation revealed several shocking facts, making the matter serious.
Accused of siphoning off crores of rupees through three bogus companies
The investigation revealed that instead of direct investment, the school project was funded through three fictitious companies. It is alleged that cash was collected from various businessmen and associates and then presented as loans or investments through these companies. The investigating agency has also obtained statements from several individuals who acknowledged making cash investments.
The investigation also revealed that the school building was constructed by Satnam Builder. The builder, along with his family and other business associates, formed a company called The Wisdom Tree School Foundation. This company was used to operate the school and represent the investment.
Income Tax Department is investigating Satnam Builder
Most importantly, the builder himself was also a director of the company, suggesting a conflict of interest and a lack of transparency in the entire matter. The Income Tax Department is now investigating Satnam Builders to determine the number of projects where black money was used, as well as its other ties.
Dispute over the source of the building worth Rs 125
The school, spread over an area of approximately 15,000 square meters, features a four-story building designed in a hotel-style design. Equipped with modern amenities, the complex's market value is estimated at approximately ₹125 crore. The source of investment in such a massive project has now become a major source of controversy.
Shocking facts came to light during the investigation.
During the investigation, several crucial documents and statements emerged indicating that large sums of cash were funneled through companies and invested in the project. Several investors also admitted to contributing cash that was later shown as loans or investments on paper. This led the Income Tax Department to declare the property as benami.
The Income Tax Department declared the building as benami.
According to sources, on March 27th, the Income Tax Department issued an official notice declaring the building a benami property. Subsequently, notices were also posted on the school campus. While the final attachment process hasn't been finalized, the department has already begun preparations, suggesting that more stringent measures may be taken in the future.
Parents are worried about the future of their children
Now, this entire matter could have the greatest impact on the approximately 700 children attending this school. Parents are growing concerned that if the school's management is affected or a foreclosure proceeds, their children's education could be interrupted.
DIO's statement came out
Regarding this matter, District School Inspector Rajesh Kumar Singh stated that the school is currently fully operational, and the Income Tax Department's investigation into the matter is ongoing. If any action is taken against the school in the future, efforts will be made to relocate all the children to other schools. He also stated that no child's future will be compromised due to their education.
The school management maintained silence.
Whenever attempts were made to speak with the school management about this matter, they refused to meet. The guards flatly refused to meet the principal. This suggests that the school may face the threat of foreclosure in the near future.
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