Personal loan amount invested in friends account, and got cheated

You must file FIR againt him, just collect the proof shaiwng you invested in his account. That is only way you can give justifications to banks for some time to pay the amount.It may help but you have to pay to Banks anyways

You issue a legal notice  to your friend demanding return of the amount lent to him failing which you can initiate money recovery suit besides giving a criminal complaint for cheating offence against him in the local police

No case of cheating is made out as you have lent money to your friend voluntarily . Issue notice to your friend and ask him to return loan amount with interest failing which you may file suit for recovery of money against him.

Yes, you may file a suit for recovery.

File a recovery suit through a local prudent lawyer.

Prima-facie the deal appears shady. it is suprise :-

1. why should someone be taking personal load to invest in saving account. Personal loan is crash contigency. the interst i alway much more than someone may be getting in deposit in aother account.
2. If at all you took loan then why not deposited in own account.

You are reaping what you have sown.

chnces of recovery from friend are remote.  Even in civil suit you have to prove that he was unde obligation to return.

but

recovery if EMI from you is sure and certin so keep paying.