I would tell him you are willing to rehire him in the future dependent upon your needs at the time. You need a reliable employee. If he can’t do it, someone else will. Will he be worth the additional hire in the future? That’s your only real delimma.
Do a full audit to know the extent of his criminal activity and then call the cops. Speak to an investigator and see if the evidence you have is enough, or if you need more to make it stick.