NHILL police are calling on farmers to always report theft of livestock from their properties.
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Sergeant Matt Currow said police were frustrated farmers weren't reporting thefts until months later, and sometimes not at all.
"There are a lot of reported livestock thefts - we know they're happening, but we aren't hearing about them. For some reason our local farmers don't think it's our job to chase up thefts or maybe they feel embarrassed," he said.
"Sometimes it's because they don't want to draw attention to themselves by having police turn up at their properties.
"We're getting cases of theft reported six or even 12 months after the fact. It's only been within the past month or so that people have started reporting thefts."
He said there had been a number of significant sheep thefts around the region in recent months.
"We had 350 sheep stolen from Telopea Downs, 70 at Miram and 65 lambs from Gerang Gerung - and those are only the ones we know about," he said.
"With the prices sheep are selling for at the moment, which is upwards of $300 a head, you're talking thousands of dollars.
"I've spoken to local insurance providers and a lot of them are now saying they won't process insurance claims until the thefts are reported to police."
Crime Statistics Agency data shows that $2.07 million worth of livestock was stolen from Victoria farms in the 2017-18 financial year. However, that is only the number reported to police.
Sergeant Currow said farmers could report thefts either by contacting the police theft hotline on 131 444 or by lodging a report at www.police.vic.gov.
"If you have something stolen, please contact the police. If people don't report thefts, then we can't investigate what's happened," he said.
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