UPDATE, Tuesday, 8am:
A 28-year-old Terang man will appear in Warrnambool court on Tuesday after police and racing authorities raided a property on Monday.
A police spokeswoman said the man was arrested following the execution of a drugs, poisons and weapons warrant at a Spring Dam Road address about 8.30am.
"Police located a number of items during the search at the Spring Dam Road property about 8.30am, including an alleged stolen vehicle and firearms," she said.
The man has been charged with possessing an unregistered handgun, theft of motor vehicle, committing a serious offence while on bail, possessing ammunition without licence, possessing a prohibited weapon and possessing a drug of dependence.
He was remanded in custody at the Warrnambool police station cells overnight and will appear in the Warrnambool Magistrates Court on Tuesday for a bail/remand hearing.
Police are expected to oppose bail being granted.
It is understood that harness racing officials were at the property on Monday morning and that a number of horses were seized.
It is understood that Harness Racing Victoria's integrity unit was not involved in the Spring Dam Road raid.
A spokeswoman for industry owned sale group Australia Pacing Gold declined the opportunity to comment.
Monday: Police have arrested a man following a raid at a Terang address on Monday morning.
A police spokeswoman said police members located a number of items during the search at the Spring Dam Road property when a drugs, poins and firearms warrant was executed at about 8.30am.
Those items including an allegedly stolen vehicle and firearms.
"The 28-year-old man is currently in custody being interviewed," the spokeswoman said.
Earlier: Police and Harness Racing Victoria officials have conducted a raid at a Terang property this morning.
It is understood that HRV officials are seeking to seize horses.
Warrnambool divisional response unit police have also executed a drugs, poisons and firearms search warrant.
It is understood that two people are currently in police custody after the warrant was executed at the Spring Dam Road property.
They are expected to be transported to the Warrnambool police station where enquiries will continue.
It's understood that the involvement of HRV officials is part of a long-running investigation and officials went to the same property last week.
Harness Racing Victoria has been contacted for comment.
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