I don't want to sound like a you know what, but it is so true that you get what you pay for. A while back, I outsourced some stuff overseas (not India) for a boost. It bought me a penalty. Personally, I would Google SEO or something, and if the company is on page 1, then they know what they are doing, and obviously are doing it right. And if that's the cost, then I guess that is the cost.
If something does happen, file a request for reconsideration, and honestly, come clean. Tell them what you did, and you will never do it again. The process is fair, and works. But don't lose any sleep until it does or doesn't happen. Oh, and in the meantime, fire the Indian SEO company.