I had lost a phone 3 years ago, police only registered a lost item report which is actually needed to file a complaint with CEIR. The phone was lost in another jurisdiction, so I was never going to waste time following it up knowing the chances of recovery are slim. Still blocked it on CEIR with the idea that it will not be misused if blocked at the IMEI level.CEIR
CEIR is an initiative by the Department of Telecommunications to curtail the counterfeit mobile phone market and discourage mobile phone theft, thereby protecting consumer interest and facilitating law enforcement authorities for lawful interception.www.ceir.gov.in
register your lost phone here, to save yourself from any future issues. They might block the phone's imei. Thats about it.