Suggest Whether To Send Legal Notice Or Not

Hi, I am over whelmed by so many quality answers to my last questions. I have one more query and this is the best platform to ask, well a month we posted an ad on OLX advertising to offer our vehicle on rent and a guy approach us impersonating as a vendor of a taxi company which provides taxi service to various government departments. he was a fraud everything he said was a lie, and we ended up losing our own money. he was nothing but a driver amount is very less and we had a serious argument with him but he is not playing us the money we really think teaching him a lesson is required and legal notice to be sent ... by which I am very very sure he will come to senses and give us our money and never in life think of doing anything of this sort ever again in life. just a legal notice should be enough shall we proceed?