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Of course, doing so will void your warranty and neither Hackintosh nor I can be held responsible. Moreover, I haven't tried the stunt yet but I have this feeling it will work. Mashable reported earlier on this iPhone hack. In fact, Tech blogger Digital Inspiration also reported earlier that Indian hackers will unlock the iPhone for as little as $25. This report from his blog on how.
All the best to iPhone fans across the globe. Do give the hackers in India a chance before you go all out to void your warranty yourself.