A private school in Greater Noida has come under scrutiny after the Income Tax Department declared its property as “benami”, putting its Rs 125 crore campus at risk of attachment.
The institution, The Wisdom Tree School located in Greater Noida West, continues to function normally for now, with classes ongoing. However, the development has created uncertainty among parents and raised concerns about the future of students.
Probe Triggered By Anonymous Complaint
The investigation reportedly began around six months ago after tax authorities received an anonymous complaint alleging the use of unaccounted money in constructing the school building. Taking the input seriously, officials conducted a detailed probe, examining documents, bank transactions and statements of individuals linked to the project.
The inquiry reportedly uncovered several irregularities, intensifying the case.
Investigators found that instead of direct investment, funds were allegedly routed through three shell companies. It is claimed that cash was collected from various individuals and later shown as loans or investments through these firms.
Statements from multiple individuals allegedly confirmed that they had contributed cash, which was later regularised on paper.
Builder Under Scanner
The probe also revealed that the building was developed by Satnam Builder, which, along with family members and associates, formed an entity named The Wisdom Tree School Foundation to manage the project.
Authorities are examining whether similar financial patterns were used in other projects linked to the builder. The fact that the builder was also a director in the company has raised concerns over conflict of interest and transparency.
Property Valued At Rs 125 Crore
Spread across nearly 15,000 square metres, the four-storey campus—developed with modern, hotel-style infrastructure—is estimated to be worth around ₹125 crore. The source of funding for such a large project is now at the centre of the controversy.
According to sources, the Income Tax Department issued an official notice on March 27 declaring the property benami and placed a notice at the site. While final attachment proceedings have not yet been carried out, preparations for further action are reportedly underway.
Parents Concerned Over Students’ Future
The development has sparked anxiety among parents of nearly 700 students enrolled in the school. Many fear that any strict action against the institution could disrupt academic activities.
District Inspector of Schools Rajesh Kumar Singh said classes are continuing as usual for now. He added that if any action is taken in the future, authorities will ensure students are shifted to other schools so that their education is not affected.
Attempts to reach the school administration for comment were unsuccessful, as officials reportedly declined to respond or allow access, further fuelling uncertainty around the issue.