I Lost my Iphone but i might know who has it. What should i do?

Okay someone in my class stole my Iphone and i'm pretty sure i know who it is. Anyways i've let the principal and V.P know about it and i told them i suspected a guy in one of my classes because he's sort of a 'bad boy' and has stolen stuff from other people before and my principal i told me to come in monday in her offical with the serail number of my Iphoe or something like that and she could locate it. Problems is it got stolen Today '' Friday May 3'' and i'm scared that he'll do something to it over the weekend or sell it or something. What should i do and if we arent able to find it what could he do with it i mean
1. Its lock with my password -.-
2. You can us it with any other company than Telus. I mean seriously **** what he is going to do with it?
Please Help ME, everyone knows he has it i dunno how he made it disappear at school but he has when my v.p went to ask him where it was he said he didn't have it. -.-if its not him in the end i don't mind but honestly what can he do to it and what can i do to find it As soon as possible
Ps: trying to pressure him or who ever took it into giving it back to me is already in progress. I've let everyone in my classes known what my v.p told me and we all know she's the best so i know she's going to help me and we'll be able to find it
I'm praying even more

Added (1). 2.****Its locked. You CAN't use it with any other company than Telus. I mean seriously **** what he is going to do with it?

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