Found out that my friend was jobless for 7 years

I am 27yrs old and currently living in Chennai. I am very close with my School friends even now. We completed schooling in 2016. One of my friend Ripley dropped out of engineering in 2017 after we exposed him to his family that he failed every subject in first year. He said engineering wasn't his cup of tea and joined BSC computer science in SRM in 2018. Almost everybody else completed college and found jobs. Ripley too was working at a food photography startup from 2021. He was working with multiple clients like Hatsun, KFC, McDonald's and so on. Apart from that he was running a restaurant and transport business with his brother. Recently our friends did some detective work and found out that he was sitting idly at home since 2017, dropped out of SRM in 2019, no job, no business nothing. We feel a bit betrayed and confronted him, he cooked up some more new stories but basically agreed to all the accusations and begged us not to tell anything to his family. I don't know how can a person be like this and want to know if you guys come across people like these, how to handle this situation? What to do?