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Hi, I'm a barrister based in London.
There is no time limit on reporting a crime to the police, and any future report, if required, will likely not be prejudiced because all the transactions are recorded (i.e. it is different to reporting an assault years later where there is otherwise no corroborative evidence).
I suspect the police will say it is a civil matter without clear evidence of dishonesty.
My advice would be to leave it with the solicitors on the basis they have considered and dismissed reporting to the police at this stage, and are acting in the best interests of your friend.
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