Economic Affairs Query

Hi, I am seeking legal opinion / course of action on a recent incident that has happened with me. I had asked an acquaintance of mine to buy, bring me an Iphone from US (he was travelling from US to India a few back back).Have this on record (facebook that where i asked him to do so, and inform me when he buys the phone for me and to inform me of the amount, and his account details to pay him the money). He did share the amount and the bank details alongwith the receipt of purchase (again on the same facebook chat- and thus a written proof). The issue is that i have deposited the cash (in old currency) to his bank account through a nearest bank branch and he is now suggesting to me that he might get in trouble when government scrutinizes accounts as to why someone has deposited money in his account (i.e: someone else has deposited old currency in his account, instead of him). So what he is suggesting is that i pay him the same amount again in Cash (New Currency) or NEFT transfer to collect the phone from him and he will hold the initial amount in his account until he files for taxes for fy16/17 (march 31) and gets it cleared (July 17). The old currency that i have deposited in his account is completely okay (from what i understand, pls correct me if i am wrong here) given i had withdrawn some amount from my bank account a few weeks back and used a part of that to deposit in his account / so the issue of black money etc is hopefuly out of question since the money is accounted for? Have consulted the bank manager if the cash deposit transaction can be cancelled (i.e: the cash deposit- in his account) and then i could pay him again but the bank manager informed me that it cant be done and advised that the way ahead is for the acquaintance to return the money to my account or pay me back in cash. But the acquaintance is not willing to do so. Is there a best course of action that i could take at this point? besides registering a FIR against him (with the proof of our conversation / agreement) and the payment deposited in his account? Ideally dont want to get into a legal battle, court case etc that drags on for a long period of time since he has my phone right now (but willing to use this as the course of action if no other way / this is the best feasible option) so that i can get my phone and resolve this issue as soon as possible. Grateful for your advise, opinion and the time. Thanks a lot!