Tell them you have a GPS tracking device that you haven't activated because you want to give them a chance to turn it in. Once you turn it on, the police will start looking for it. Tell them you don't actually know who took it, but if they could help you find it they'll receive the reward for tracking it down.
I'm giving them a week before my GPS "activates." Then, I'll let their own imaginations give them nightmares.
Praying I get it back. I'm having serious iPhone withdrawals.