Ni act 138

if there's evidence of fraudulent intent or cheating, a police complaint under sections like 420 of the IPC (cheating) might be possible.  

Sections like 420 (cheating) or 417 (punishment for cheating) of the Indian Penal Code (IPC) might be relevant in such cases.

Yes, Supreme Court has ruled in case of Sangeethaben vs State Of Gujrat 2012 SCC (7)) 621 that apart from cheque bouncing case , cheating case may be filed.

Both complaint cases i.e., u/s 420 IPC and Section 138 NI Act can be filed singly as well as simultanously, besides filing a suit for recovery. There is no legal infirmity is moving / proceeding separately. 

Yes , case under 420 can be filed in magistrate court. 

In order to subsatantiate a case of cheating, there needs to be the element of dishonesty from the very inception of the transaction.