Stop paying EMI to bank

My husband had bought a land for which half of the payment was through loan from a Nationalised bank. I am a State Government employee and I signed as the coapplicant for the loan. The bank had sought legal opinion from its empaneled lawyer and after everything was okayed by the lawyer we purchased the land in good faith believing the opinion of the bank's panel lawyer. Now to our utter dismay and shock we have come to know that we have been completely duped in this deal as there has been impersonation of the actual owner as well as the documents are fake. Having learnt the truth we immediately lodged a complaint with the police against the brokers who cheated us. The FIR copy has been collected by us. We are still paying the EMI for the loan taken for the land, the title of which doesn't belong to us. We would like to know 1) Can we stop paying the EMI? If yes, what is the procedure? 2) What implications will this action have on us? 3) What actions can we expect from the bank? 4) Will the bank be able to treat this as a bad loan?