Unsecured Loan to Builder

An unsecured loan-40Lakh was given to a Ahuja Developers (Mumbai) (Via bank transfer-All white and tax paid saving money) for returns. The quarterly payout functioned well for some years and last year onwards the builder isn't paying the interest and also doesn't return the principal amount. The interest amount was tax deducted at source (with appropriate TDS code identifier) by the developed and deposited appropriately for the time things were going well. The builder claims he has fallen on bad times and asks to be patient. After 2years of wait, he doesn't seem to offer anything and the path ahead. He once offered to transfer an apartment in far flung area, but asking to cough up initial upfront capital and willing to offset against the loan amount . However, the owner (Jagdish Ahuja) or his representative are constantly beating the bushing and have back-tracked on that offer as well. Likewise, many more lenders are identified as of now that are in similar situation (with some small and some with huge investments). It has now started to seems as if this whole thing was a ponzy scheme What options do I have to deal with this situation.