Is there any real way to bypass icloud lock in iphone 5 on 7.1.1 version?

Hai i have an iphone 5 which is running on 7.1.1 i buyed seconds and the owner locked it and kept a message this phone has been lost.so i spent 22k on it i can't give it to him anyways he got his new phone in insurance and i know him but i'm not giving my phone to him is there any real way i'm ready to give money also

No, thats a security feature. You should always make sure the icloud id has been wiped off it first before buying, otherwise its most likely stolen.

No. Apple very strongly recommends that you never accept or pay for a used iPhone unless and until you verify that the previous owner has fully removed Activation Lock, his Apple ID, and the passcodes, if any.