Friend resorts to stealing to cover losses

A year ago, I introduced a friend to F&O trading. He had around one lakh as capital and was eager to start trading, seeing it as a quick money side hustle (Thanks, Instagram and finance gurus). Within the first month, he blew over half his capital trading illiquid stock options. Gradually shifted to index options and the speed with which he started losing came down temporarily. Eventually, like most newbies, he lost all his money gambling, trying to make back what he lost, and later when he could not resist, he used to withdraw money from credit cards, hoping a new strategy would work and give him back all his lost capital. (TeKnikAl AnaLyZiz hai bro) Now, he has lost that too and a completely different side of him is coming to light. He has always been a little stingy in money matters but his behavior now is unbearable. He has turned into a kleptomaniac of sorts. From stationary, to sweets, to shirts, and electronics, even random office items, this bro has been on a frenzy. He boasts about it later and says 'loss breakeven kar raha hu' jokingly. He ran into some trouble at Link Road the other day due to this same shit but managed to escape I guess. I have tried to pour in some sense into him but this guy doesn't seem to stop yet. He is from a starter-pack middle-class family and if he gets caught, I don't think the family can save him from the police and court hassles. I am also friends with the elder brother of this guy and have been thinking about whether to rat him out or not.