Police harassment for civil dispute

1 year ago

I borrowed Rs.8 lakhs as loan from a person through loan agreement 2years ago. He filed a police complaint on me now saying that I got money from him for doing share market and giving huge monthly returns. He did not produce any written evidence regarding share market. I argued with police that I have borrowed money from him through loan agreement, hence it is Civil dispute I will deal this in court. The complainant told police that I have cheated another 5 persons in the name of share market. Those 5 persons are my friends who gave me money through loan agreement 2 years ago. All the 5 persons joined hands with the complainant and told to police that I have cheated them. Police is harassing me. They are trying to criminalise the civil dispute. Is there any possibility for police to file FIR on me based on the 5persons' complaint? Is it really wrong to get loan from 5 persons through loan agreement? Is this situation considered civil dispute or cheating?