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Trader not returning capital amount and profit

(Querist) 03 November 2019 This query is : Resolved 
Dear Sirs,

One person has introduced his platform for passive income earnings on Facebook, he is forex and amazon dropshiping trader. He assured guaranteed returns on our investments. Profit on investment is from 20% to 50% depending on invested days, initially we have checked with small investments of rupees 25000, so he returned as per the commitment, Capital+profit. Then On October, 2018 we group of 5 people have invested huge amount with this person and he assured a guaranteed reruns of 20 to 50%. For all our investment he has sent a confirmation email with deal expiry and payment dates.
We paid amount through bank transfer to his bank account.
In this period of our investment he use to share all the profit trade details on his Facebook page, we all are believed that he would return our money with profit.
After the expiry of our investment date, we started to ask for our payment, but he always give excuses's saying he got good profit but it is in US dollars, not be able to exchange because of General elections, after elections he told he will return within month as USD exchange is in process.
He didn't returned and keep on postponing the payment date.
Now he started new idea, saying trade gone loss, so he can only pay the Capital, we agreed for that also but now he is playing with us and he say, when he want to pay.
We invested by taking loan and now worried about, as bank loan always a burden. we need to pay emi regularly.
When we ask for our money he is ignoring and sometimes says do whatever you can, if you want money wait for some more months, he telling in a wrong way. We are in feeling of fear and anxiety now, please suggest us how can we recover our money. We have all the screen shots of his facebook posting which says he got huge profits from trades.
Kindly Help us sir, based on your suggestion we shall take further steps...
Thanking you
H.M.Patnaik (Expert) 04 November 2019
First lodge an F.I.R. with jurisdictional Police Station under signature of all complainants and observe development for a fortnight. But be in touch with police authorities on day to day basis.If you feel, the Police is not taking prompt action, then meet the District level Police officer( S.P./ Police Commissioner) for redressal of your grievance .
P. Venu (Expert) 04 November 2019
Yes, you can take action as suggested, but outcome is uncertain. Take this as a good lesson to avoid such traps in future.
Dr J C Vashista (Expert) 05 November 2019
Did you check credentials of the firm/person before investment ? Such huge benefits are shown by cheaters only wherein you are also entrapped/ victim.
It is advisable to consult a local prudent lawyer with all relevant facts/documents for better appreciation, guidance and proceeding.

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