Land buy back cheating by developer

Sir, We three friends have invested amt of ₹ 50 lakhs with a Hyderabad Developer through Notarized MOU, agreed return on investmnt was 60%pa. He registered half acre of agriculture land from his project & to Buy-Back them after One and half Year. The MoU signed by Developer and the agriculture land is belongs to other farmes. That agreement is to return the land to developer After final payment is made . Agreement time is completed. and Almost 10 months gone. Developer not sited but he is available on phone. We requested him for payment multiple times. With each extnsn request, we waited this much time. After this Developer started to skip everytime and extending the time to make payment . I had deposit the security cheques whisch he head signed and given to me at the time of MOU. He had given 2 cheques. I have deposited one cheque. that was Dis-honored. Bank returned the cheque with memo that signature is not tallied. What to do next. Kindly advice Options to recover our amount. Thanks