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Just learn your lesson about social media "friends". They are not your friends.
Its not yours anymore after giving it away.
I would advise against fraud.
Meaning, they will revoke access to the game (from the "friend"), and they will ban your account (the OP's account).
In this specific context, it is fraud.
Again, the giftee has to start the refund process.
Also, from a layman's perspective, retracting a payment after the "item" was received is fraud.
And even if Steam can just remove the game licenses obtained with this, they still have the chargeback costs -- and, more importantly, they can't just let people "refund" games by allowing them to chargeback the payments.
And in layman's terms, the game was purchased under the agreement that the recipient of said game (henceforth giftee) would in turn play it with the purchaser of said game (henceforth gifter), When the giftee received the game, but refused to play it with the gifter within a reasonable time frame (typically assumed to be a period of less than 2 weeks), then the giftee was in breach of said contract.
As such, the giftee was no longer entitled to enjoy the benefits of said contract, and the return of said items, by whatever means necessary, is therefore not fraud. As for whether it violates the Steam terms of service is another matter entirely and is therefore outside the scope of this response.