Fraud By Other Director In Pvt Ltd

I am a Guarantor of pvt ltd company abc pvt ltd in which my father and his friend were directors. Company went NPA in 2015. There was good profit in company's balance sheet till 2015 but company went npa due to other director's fraud which me and my father knows. But we don't have any proof against him. But in the period of demonetisation the other director deposited huge amount of money in bank account of other company xyz which is proprietorship of his wife. After that he received notice from income tax department in reply of which he stated that he got the stock transferred in xyz company from abc pvt ltd but didn't pay any amount for the same just transferred the stock and sold that stock in that other company. The amount was in crores. He accept this against income tax department. And i got all this case related papers from the income tax tribunal. So based on this can we file criminal case against him? Can my father and me as a Guarantor get relief from defaulter?