steam took a game from me?

during the holidays of this past year, a friend decided he was going to do a trade with me. he gifted me gta4 and i gifted him ac1. just recently, steam took the game off my steam account and said something about credits. i understand that he used a fraud credit card (is it fraud if they have to take it back?) but, can they really take a game from you even thought you can't return a game? i dont see the fairness anywhere. its a win win situation for them and a lose lose situation for the gamers.
 
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