Bank loan cheating by close family friend

Whether the amount of Rs. 2.5 lakh was transferred / paid through bank or cash. ?? 

Any receipt / acknowledgement has been issued by borrower ?

On the basis of documentary evidences he can lodge a criminal complaint against the friend with local police for the act of cheating. 

He cannot recover money through money suit as it is barred by limitation. 

Sir, Thank you very much for your kind response.  How come he cannot recover the money by money suit. Please kindly clarify it and also Could u please clarify the meaning of barred by limitation. I couldn't understand. Looking forward to your valuable advice.  Best Regards. 

The time limit for recovering he loan amount is three years only and any claim made beyond that period is barred by limitation, however he can lodge a criminal complaint based on the documentary evidence in his posession.

You may consult a local lawyer and proceed as suggested 

Sir,,Thank you very much for your kind clarifications.  God bless you and your family 

Taking into consideration exclusion of corona period ( 15/03/2020 to 28/02/2022) from the period of limitation, civil action may not be barred by limitation.

However, admittedly, money has been advanced for an venture which cannot be said to be lawful. As such, in my understanding, you caanot seek any remedy from a Court of Law.

You he tried to paint that your cousin is not at all guilty.

Given facts indicate:-

1. His proposal or financial sanding did not show him to be credible enough or his project to be viable enough to be given loan. [if his project as not  hanky panky he could have walked into any nationalized  bank and got loan]
2. He wanted a loan back door.
3. He was confident that each manager of a nationalized bank is corrupt.
4. He was dumb enough as he never knew that managers of nationalized banks are no more sole authority for giving loan.
5. He struck a deal with someone to act as conduit of bribe.
6. Your cousin is finding hard even to meet the loan of Rs 2.5 lakhs so was not able to afford loan of Rs 20 lakhs but still wanted loan.

He got no loan by unfair means.

In the first place there is no valid contract for a legitimate purposes even then recovery would not have been possible even within three year.

Now even the limitation to sue is also gone

You have also indicated that you are now not able to provide correct address of the person to Court so it is clear you will not be able to sue him.