I have a lot of sympathy. It's horrible and frightening when your DC begins to get involved with people you don't like and don't trust, isn't it?
You have picked a 'high risk' strategy - cracking down very hard. It might work. Your DS came back and handed over his 'phone, so your authority is obviously still strong. He may be suitably chastened, and you may have succeeded in heading off other problems.
On the other hand, you may find he thinks you have been over-the-top and unfair, and he may be angry, 'fight back' or rebel. He was out of order, clearly; but you have thrown every possible punishment at him. If he bridles at this, or argues, or rebels, you really have nowhere else to go. And then your authority over him will be seriously damaged.
And next time he wants to go somewhere you have told him he's not allowed, he may think he might as well go, because you can't punish him any more than you did when he did come home.
A cautionary tale... I had a strong relationship and authority over my son when he was 13. I expected him to be in earlier than his peers, and he was given less freedom. I grounded him and removed privileges if he broke rules. It worked. Until he was 14. :( I can vividly remember the last time I grounded him... He shouted "No!" and moved towards the door. I stepped between it and him... And he laughed at me, and climbed out the window.
It was the beginning of a lot of stress...
The teenage years are a time when the clear-cut rules of childhood (generally) stop working. As a parent, you need to learn to negotiate. There will be things you don't like that you still tolerate, for the sake of keeping your relationship with your DC strong and healthy, and to help him grow up and become independent. It is hard (harder when you have younger children, I think) but it is what happens, with most teenagers... This could be the beginning...
(By the way... Don't have any illusions: if you call the police because he doesn't come home at the time you said, they will record your call and do nothing, unless they have good reason to believe he may be in danger).