Partner threatening to file a case and take away my property

One year ago, I have taken loan of Rs. 5.50 Lac from an individual to start up a business with him. The amount has been transferred periodically to my saving account upto January 2016. But the business has been collapsed and all the money goes in vain. From June 2016 to till date, I have paid him Rs. 90,000/- mostly through bank transfer though there is no such agreement that i have taken the amount as a loan. Suddenly, he is threatening me to return his money with a interest sum up Rs. 10.00 Lac by selling my property otherwise he will take possession of my property by vacating my parents. He is threatening me every day. Please help me and advice me best solution.