Prosecution of police officers

After the local police took cognizance of crime and have registered a FIR, no case is made out against them.

However, the time of 40 days stated to have been taken in this process is too long, for which, did you report the matter to senior police officers of district and state to issue necessary instructions to SHO / IO to register FIR at the earliest ? If so, what is the response of SSP / DGP ?

No offence is made out against SHO / IO for delayed registration of FIR consequently filing complaint against them. 

You cannot take legal action against the erring police officer in this regard except to give a complaint to the top police officer and that should have been done immediately and not after the FIR was registered.

Dear Sir, I do complained to DSP/SP/District collector/ DIG. Only upon DIG intervention FIR is registered. Prior to this  there are few online and direct complaints of theft, threat by the same accused and his team - No action is taken  until today

You could have filed a petition under section 156(3) cr.p.c. before the jurisdictional magistrate court seeking direction to the concerned police to initiate legal action on your complaint as per law.

If your complaint for theft has still not been addressed by police, you can file the said petition even now.

When the police do not file FIR, you should have moved to area Magistrate but cannot prosecute police officials for failure to register FIR.