Fraud Companies on a Roll in Hitech City

The number of city based fraud IT firms is increasing day by day. Fraudsters are exploiting the ‘stupid obsession’ with Hitech city – many people are in false belief that anything in Hitech city must be good. While it is a fact that most companies looking for fast progress lazily go to Hitech city.

After the mega fraud of Satyam, many other fraud companies closed down their shutters including Prodigy Solutions, Tancoz Techno and Task Informatics all situated in and around the Hitech city. There are many other fraud companies in areas around Hitech city that do not get into headlines after duping the employees.

Prodigy Solutions fraud
Not even completing a year of its existence, Prodigy Solutions is now declared fraud. It is found that the company has around 2,000 employees and trainees (1,600 being employed in Cyber Towers) in all their three branches in Hyderabad, Warangal and Vishakapatnam, all of them being inaugurated just recently.

The CEO is found to have collected security deposits from its employees and trainees ranging between Rs.50,000 to Rs.1 lakh and had not paid at least four months salaries. He also ran a fake call center to publicize his company and attract unemployed youth promising them to give job placements and training.

Few more fraud IT companies – Tancoz Techno & Task Informatics
Just after two days of this fraud came in to picture, another city based IT company Tanco Techno, turned its board away. Situated in Madhapur and having around 30 employees, this company too has not paid salaries and also lured the unemployed youth assuring jobs in their company and collected around 1 lakh from each.

Besides the above companies, Task Informatics had also followed the same suit. Having the head office at Nallakunta and a branch in Madhapur, it is claimed to have collected around Rs.40,000 from each candidate and has duped about 200 employees.

These fraud companies are clear about their business – quickly employ large number of candidates, collect money as security deposit and run away with the money. Many of our friends who believe that working in areas of the city outskirts including Hitech city, Madhapur and Gachibowli is a great thing easily fall prey to these kinds of fake companies.

Further Update – 4th Oct 2011
In the span of a month, at least four city based IT firms have been shut down and declared fraud. Now another IT company called Infotech Systems pulled down its shutters. The company is situated in Srinagar Colony in Ameerpet and has duped around 140 employees who were mostly MCA and B.Tech graduates by collecting money in between 60,000 to 1 lakh.

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