Software firm shuts down office in Gachibowli, dupes 700 employees

HYDERABAD: Yet another software company has shut down its office in Gachibowli after sending e-mail to the employees stating that it is laying off as many as 700 employees.

A company named Insofe was established in Gachibowli and it has 700 employees working there. The company amassed huge sums by raising a loan of Rs. 4 lakh per employee from 650 employees and Rs. 10 lakh loan from another 50 employees.

This apart, the company is said to have not paid the salaries to the employees for the past two years. The employees after receiving the e-mail flocked to the Insofe office in Gachibowli and staged a protest.