Police have charged two men over the thefts of boats from Bundalong and Mulwala.
Cobram detectives on Friday charged a 37-year-old Echuca man with two counts of theft of boat, two counts of theft of boat trailer, two counts of bringing stolen goods into Victoria, two counts of dealing with proceeds of crime and handling stolen goods.
A 44-year-old Echuca man was also charged with four counts of handling stolen goods and dealing with proceeds of crime.
Both men were bailed to appear at Shepparton Magistrates Court on March 3.
Four stolen Malibu boats, including one belonging to Supercars ace Mark Winterbottom, were found at Echuca on Friday.
Police unearthed the vessels, two from Bundalong and two from Mulwala, as part of raids which unearthed $500,000 worth of loot including Range Rovers, a Mercedes-Benz and Jayco caravan.
Two men, 45 and 37, and a woman, 28, all from Echuca were arrested in connection to the items.
The two boats from Bundalong were stolen earlier this week, while the Malibus pinched from Mulwala disappeared in January.
"Mark is aware we found his boat and he's very happy," Sergeant Boyd told Echuca newspaper The Riverine Herald.
"We're holding it for forensic testing and will make arrangements to return it to him when that's completed."
Those arrested were formally interviewed by police on Friday.