Can i file police complaint after sending cheque bounced notice ?

You can file Civil suit for reimbursement of your amount and a Criminal case to punish him for the crime. 

In my understanding there is cause of action to approach the Police.

Thanks for your suggestion. So can i approach Police or wait till notice period ?

Yes you well can file a police complaint for cheating and fraud against him.

However the Cheque bounce case under sec 138 is also a criminal case.

There is more than one offense involved in addition to the cheque bouncing case.

You can approach police for cheating and fraud committed by the borrower.

You can move to Court under section 138 of the Negotiable Instruments Act, 1881 to try and punish the accused after notice period.

You can file a civil suit for recovery of the amount.

All of the above options can be availed simultanously and / or singly.

It is better to consult and engage a local prudent lawyer for proper appreciation of facts, professional advise and necessary proceeding.

Originally posted by : P. Venu

In my understanding there is cause of action to approach the Police.

My above reply may kindly be read as "In my understanding, there is NO cause of action to approach the Police."  The lapse is regretted.

Mere inability to pay a debt does not amount to a cognisable offence for the Police to register a FIR; there is no mens rea to proceed with even a non-cognisable offence.

You can file a civil suit; also, you have the option to file a private complaint under NI 138. Admittedly, you have issued the notice for cheque-bounce. If there is no response or a satisfactory response, you may approach the criminal court.

Any how, no police action lies. 

Wait upto your notice period if the problem not resolved then you can approach the court and file a case u/s 138 n i act .