"I can almost guarantee easy come, easy go in the case of cash."
Auckland Law Society president Andrew Gilchrist confirmed such an action was possible, but would need to be approved by a judge.
The investigation team has "individuals in the frame" for the thefts, and up to nine central districts police are on the way to Auckland, where the investigation is focused.
Meanwhile, University of Canterbury criminal sociologist Greg Newbold said most criminals would think the pay-out would be a "pretty good score".
"Some crims might be thinking that they could replicate it but the chances of someone else doing it... It was highly sophisticated, well thought out and well planned. It will give them a bit of credit," Dr Newbold said.
He said it reminded him of the Great Train Robbery of 1963, when a gang stole 2.6 million pounds (NZ$6.38m) - worth about 40m pounds today.
"When you look at it, the police are happy, the army is happy, the crims are happy, the public is happy and some rich bloke has paid out," Dr Newbold said.
Auckland lawyer Chris Comeskey brokered the return of the medals for part of the $300,000 reward offered by British medal collector Lord Michael Ashcroft and Nelson businessman and former United States Marine Tom Sturgess. Mr Comeskey said last night that a confidentiality agreement with police prevented him from discussing details of any reward payment.
He had heard nothing to suggest anyone involved in the thefts was feeling any pressure from other underworld figures.
But he did not believe a proceeds-of-crime application would be justified, and it was better to "leave the status quo intact".
To launch such an application could discourage other people from coming forward with information.
Prime Minister Helen Clark said she was "over the moon" at the return of the medals, but concerned that money had been paid out to the thieves or their associates.
"You didn't want to set up expectations for the future that if someone stole something and then gave it back they would be paid for it."
Helen Clark hoped the thieves would eventually be caught.
Waiouru Museum director Ray Seymour said he hoped the thieves "don't get one goddamn cent" of the reward.
But Lord Ashcroft said he was delighted his offer of a reward had helped secure the return of the medals.
"The judgment was this was either an opportunistic heist or - had it been planned - the thieves would then find out there was no real second-hand value for these medals and that a reward in this case would be sufficient incentive to flush somebody out in order to get their return."
- additional reporting NZPA