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Seriously: If you value it, take/fetch it yourself
Spotted this bloke exactly as the OP described, only to top it off hen was pulling a wheelie at the time.
https://c1.staticflickr.com/5/4034/4544827697_6f73866999_z.jpg
In London they could just have vans roaming the streets and chuck the bikes in the back of the van. They would probably make several hundred pounds a night per van in fines and make a tidy profit.
If someone doesn't turn up to collect the bike in 3 weeks it gets auctioned and the police keep the proceeds.
They could also run the frame numbers of the bikes they confiscate against databases of stolen bikes. I need to be careful how I say this, but a lot of the lightless bikes you see seem to be ridden by young men with hoodies. Might help in the fight against thievery if their bikes were checked against lists of stolen ones.
Ringleader of the Cambridge cartel, pedal champ and king of the dirt boxes (down to 21)
And don't forget the parked cars which block the cycle paths, open doors and pull out without indicating. Almost went over the bonnet of some old biddy who'd mislaid her brain on Sunday. Bloody motorists.