What if my employer fraudulently takes a loan using my ID?

While I was working for an employer, he asked me to finance a mobile phone using my ID. He assured me that he would pay one or two EMIs and then clear the remaining amount in a lump sum. Trusting him, I agreed. Later, I discovered that instead of purchasing a regular mobile phone, he had fraudulently used my ID to buy an expensive iPhone in my name. The shopkeepers also appeared to be involved in the fraud, as they deliberately failed to disclose the correct details of the transaction. Now, he is not paying the EMIs on time, and the bank/finance company is holding me responsible and demanding payment. This has caused me severe mental distress. I acted in good faith and had no intention of taking such a loan. What legal action can I take against my employer and the shopkeepers for cheating and financial fraud?