False 420 case

Hi sir/Madam, Myself and my friend have started a partnership firm in the past and bought a Land in the name of the firm. Due to some reasons, we cancelled the sale deed and returned the property to sellers and sellers have gifted it to their daughter as a gift deed. This is story in 2010. After failure of this venture,we stopped doing business I joined day job and leading my life aloof with my wife and kid. Another person (who is not involved in the above incident who is a family friend of my friend an elderly female) has put up a case against both of us mentioning that we have cheated around 50 lacs showing this property to her and made false promises of good returns on her amount. In clear her personal loans, she has sold her house in 2011. Now she has mentioned that the amount which she got after selling the house has been taken by us - showing this property (which is actually returned to the original owners in 2010, as mentioned earlier). Can anybody help me to understand if this case is legal? We have not signed any papers or any bonds neither made any oral commitments or false promises.Also we have not taken even a single rupee from her.The amount she got by selling the property she used it for her sons (Husband has expired in 2004) for their educational and personal needs and to clear her debts. What should I do now? Should I apply for anticipatory bail? Is this case valid? When should I react in which way to this as so far I have not received any notices or calls from Police or court or lawyer? Should I take any action against her for false case? What are the precautions should I take? Kindly suggest..my family is worried about these false allegations. Please help me and save me and my family. Otherwise due to this pressure I might end up my life.