I think there is some problem here.he might be having a mental illness. Visit a psychiatrist and initially you may have to try covert medication.

Hello there. I can understand your concern. What you can do is talk to his friends about this so that they can talk some sense into him. Where does he get money from for all this nonsense? See what kind of friend circle he is in. Talk to him and try to make him understand but you have to remain calm. Take him to a psychiatrist for further evaluation and counselling. This age is like that. You have to be very careful. Best regards. Dr. Anil kumar jain.