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Noida West: Greater Noida West’s renowned school ‘The Wisdom Tree’ is currently stuck in a very serious financial whirlpool. Taking a major action, the Kanpur-based Benami Unit of the Income Tax Department has declared the school’s grand building worth about Rs 125 crore as ‘Benami Property’.

However, it is a matter of relief that the school has not been locked yet and children’s classes are going on normally. But this government action has deepened the cloud of uncertainty in the school campus, causing sleepless nights to the parents of the children studying there.

An ‘anonymous letter’ exposed

This whole drama started about 6 months ago. The Income Tax Department received an anonymous letter, in which it was alleged that ‘black money’ has been used on a large scale in the construction of the luxurious four-storey building of this school. The department did not take it lightly and started a thorough investigation. When layers of bank transactions and documents were exposed, even the officials were stunned.

‘Jhol’ of three fake companies and investment of Rs 125 crore

The investigation revealed the shocking revelation that the money in the school project was not invested directly but through three bogus (fake) companies. It is alleged that huge cash amounts were taken from many businessmen and shown on paper as ‘loans’ or ‘investments’ through these companies.

The investigating agency has also received statements from people who themselves confessed that they had given cash. This school is spread over about 15 thousand square meters and its structure is like a five star hotel.

Satnam builder and conflict of interest

The needle of investigation has also turned towards Satnam Builder. It is alleged that the builder, along with his family and close friends, had formed a company named ‘The Wisdom Tree School Foundation’. The builder himself was also the director of this company, which directly reflects the lack of transparency and conflict of interest. Now the Income Tax Department is finding out in how many other projects of the builder this kind of black money has been spent.

Notice pasted, now preparations for attachment

According to sources, on March 27, the Income Tax Department issued an official notice declaring this building benami and the notice has also been pasted on the wall of the school. Although the building has not been sealed yet, the sword of attachment is hanging and the department has started legal preparations for it.

What will be the future of 700 children?

The saddest aspect of this controversy is that there are about 700 innocent children studying in it. Parents are afraid that if the school is confiscated, their children’s year will be ruined. On this, District School Inspector (DIOS) Rajesh Kumar Singh has assured that, “At present studies are going on. If any strict action is taken in future, the children will be shifted to other schools so that their future is not spoiled.”

On the other hand, the school management has maintained complete silence on this matter. When attempts were made to talk to the management, the guards present there did not allow anyone to go inside or meet the principal.