Here's the story, a "friend" of mine wanted to borrow something I bought that costs about $170 (not going to say what the item is). So I give it to him and ask him hours after using the item if he could give it back. His reply was that he gave it to me and denies having possession of it. The thing is he was the last one to have it and he keeps telling me that he doesn't have it. One week later, another friend of mine shows me a picture of the item through picture mail and the guy who sent it was my "friend". This completely shocked me! Same thing, I asked him for it back and he denies it. What should I do?
Accept it is gone and learn your lesson about loaning expensive items to untrustworthy people. There's not really much you can do, unless it was an electronic item and you have the serial number and can send the police to retrieve it for you.
I am not sure if it is your wording but how could he deny having had it and say he gave it back at the same time? I would evaluate the friendship as friends do not do that to each other.
if you have a receipt for the item or some other evidence that you purchased it legally, you can call the cops or file suit in small claims. You could also just call the cops and see what they say.