I need to pay 5 lakhs to a person but at present condition i cant ? I need help

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Hi, I would like to share with all my lotters and would like to find out the solution for my question? Well I had taken 5 lakhs from a person on interest of 10% . I did not take 5 lakhs at a time but slowly i had take as first month 1 lakh then 2nd month 1 lakh then 3rd month 3 lakh and 4th month 5 lakh. total of 5 lakhs at 10% interest . and i invested the amount in shares and once when markets fell hugely in 2008 i lost the amount as i was doing intraday mainly with the amount as my interest was high, well i cleared him total of 3 lakh and 10 thousand. 1,10,000 as interest and i,50,000 in form of cheque saying that i am returning the amount as i am in huge loses now at present i am unable to pay him as markets conditions are worst. Well here the person who gave me amount is a mediator to me he only took signature on promissory note and blank cheque and gave me amount and when i paid him 1,50,000 he returned me 2 promissory notes according to our conditions.And as my cousin said that remaining amount we will clear it in 3 to 4 months, well and my brother applied for lone on the house and well it failed due to some reason. This person said to me that they did not convince to give interest free and some how i convinced them for 2% and then later after 2 months he said that actually they said 3 % but as he wants to help me he told me as 2 % only . But this mediator has linked me with some chits amount that was stopped and gold that he had kept to recover some loses so again including all this my interest amount comes back to 8% and at this time its impossible for me to pay any thing , Well i told him before also when i was unable to pay him i asked him that i will talk to the main person who gave amount but this person told me they are not good people they drink and they will create nuasence and it will be big issue so arrange any way amount and we will clear him and finally on his word i gave him 1,50,000. but now again he says if i don't clear amount in next 1 month then he is helpless and it will be big nuasence , i told him i will talk to him but he dosent bring those people before me and just tells me the same story that they are not good people. Well i told him as already i paid him 3,10,000 including interest i could go for settlement or take time but he just says that is interest they will not agree. Well now those cheques i gave him at time of taking money are already with me as i had given him only 2 cheques and he returned me that and he says he has more 3 cheques with him but well i did not give him any more cheques , My doubt is not its his own money and he is playing game with me. I want a suggestion from all my lotters is Is it really his money or is it some other 3rd party money, and what other steps can he take against me. well i am ready to pay him all the amount that i have taken but i need time , i am ready even to go to police station if required and make settlement on this issue, What do u suggest me? Please help me out