Even if you somehow agree with this, you must realise it won’t work. Good luck convincing the police, the prosecution or a judge that use of the justice system is extortion ...
We're not talking about use of the justice system-- we're talking about threatened use of the justice system. Which can still be OK, but one has to be very careful. People especially get into trouble using threats of a report to police to attempt to recover stolen property.
Why not threaten? I know where I live there is zero chance police will actually recover the property but I suppose some percent of the time the other person might not know that.