is it possible for victim to drop charges even if he has been indicted

No. Once the police were called or a criminal complaint was filed, the State takes the reigns and whether to go forward with prosecution is solely within their discretion. Victim recantation is so common that prosecutor offices are highly unlikely to drop a case simply because the victim no longer wants to cooperate.

I don't practice in your state. No.

Once you file charges or make a report it is out of your hands. You also open yourself up to certain liability, you should talk to your own lawyer about how to not cooperate without putting yourself in jeopardy.

Edward J. Blum