Some 500 soon-to-be graduates were duped by a man who offered transport and music to them for their upcoming celebrations.
The 24-year-old entrepreneur-in-hiding made contact with those interested in his service through the Internet site www.studentskiva.com. The site is now warning others about Carl Johan Forsberg, the man who allegedly stole the money. The Web site said it has reported Forsberg to the police.
Forsberg called around to those students on Saturday, telling them the deal was off and that he spent the money on parties, clothing, trips and stocks, reported Metro.