Absconding with Money

Respected Lawyers, My mother was suggested to invest money in a so called well growing EMU Birds business by one of our very close family friends.He introuduced a person who is a laweyer by profession however is moving into business for good .He has taken 2 Lakhs from my mother stating investemnt is for 2 yrs post which if a person wants to extend they can.Till then every month we would be paid an intrest of 4000 rupees and as a guarenty he would give us a 300sqyds land under mortgage.This all happened in 2011 and my mother gave them 2 lakhs.Not just my mother as so called family friend is a influential and good person as per all they were able to make lot of them invest.For 1 1/2 yr they gave interest rate as they promised post which it stopped.When everyone went to that persons place his family( wife,kids,mother) are there at home and they said they have no clue about their son .He is in touch with family on phone and is in business trip.He stopped picking up calls.Sometimes when he used to pickup he was giving reasons saying he invested all that money in real estate and bcoz of telengana issue here he got into losses ..He is trying all his means to get money back .Now he stopped lifting phone completely .Everyone who invested have a feeling if we go to cops or legally proceed he may claim to be bankrupt state and escape and no one will get money.We dont know how to proceed.When i checked present land prices for 300sqyds land he kept on our name its price is 30 thousand only.Please suggest.