Would someone be charged or prosecuted over fake cards?

Hello, based in England and wondering about the title question. Collectible trading card game for reference.

We have recently found out that one guy within our community has sold/traded a massive amount of fake cards to us all. We had no reason to not trust him, then when the first fake was discovered, more were checked and almost every trade he did were fakes. They are very good fakes.

Originally he was apologetic and made it right financially (around £5000 worth of cards locally) to all of us and we considered the matter closed, given him the benefit of the doubt that he might have been scammed. However we found out he continued to sell fakes on card market, discord and an event. We have now told the whole community to protect them.

A recent discovery was while people went to the toilet he replaced rare cards with fakes (his admission via message, unlikely to be able to get CCTV) and said he did it for the thrill.

So rightfully, we're all angry but are unsure if the police would take any action. He's been ousted from the community but it does not feel like enough. He has been bragging that police will just laugh at us if we go to them, but I'm hoping it might fall under selling counterfeit goods and actually get investigated.