Money given to business expansion

Sir, I saw a advertisement in local news paper of Rajasthan for requiring money for his running business expansion in which he assured public to invest Rs.3 Lakh in his business and in return he would give a dividend of Rs.12000/-per month till the invested principal amount in the business. In June 2017, he made an agreement for a period of 5 years on duly notorised Stamp paper of Rs.500/- in favor of me in which all terms and conditions was clearly mentioned that I am giving the amount by crossed cheque of cheque number and he also gave a advance crossed cheque (without date) of Rs.3 lakhs and also in return he would have to deposit Rs.12000/- per month as dividend in my mentioned bank account , if he failed to deposit, he would have to deposit with 6% interest next by a particular date , if he failed to deposit the dividend continually 3 months then I would be free to use given advance cheque to collect my principal amount. The problem began after 7 months from the agreement when he stopped to deposit the dividend amount , when contecting he got pretending about slum in business and assured me to deposit the remaining and on going amount as early as possible but all efforts go in vain ? Please suggest what action I should have to taken against him to punish and recovery , he have cheated many people also by these types of advertisements whether I should lodge a FIR( please also mentioned sections of law )or go to court in N.I.Act or any other sections of law or both . Regards, Narendra Sharma