UPDATE, 5.30PM WEDNESDAY: The Shepparton man was in a boat on Waranga Basin with his partner, brother and a nine-month-old child on New Year's Day when the boat’s engine stopped working.
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He attempted to swim the 1.5km distance to shore, but turned around when he struck difficulty after 50m.
He went under the water once, came back up, then went under again and was not seen again.
Water Police squad Sergeant Scott Petch told The Shepparton News on Friday last week the man might not have been wearing a life jacket.
Emergency services searched the water for days, before calling off the search on Sunday night.
Victoria Police reported a strong current in the reservoir because of water being pumped in and out of the catchment.
UPDATE, 3PM WEDNESDAY: Water Police have retrieved the body of a man from Waranga Basin.
A local fisherman who was on the water came across the body about 9am Wednesday and police retrieved the body in the afternoon.
The identity of the man has not been confirmed.
Water police called off the search for a 28-year-old man, missing in the basin, on Sunday evening.
The Shepparton man was last seen in the water on New Year's Day when he tried to swim to shore after his vessel experienced mechanical difficulties about 5pm.
The man’s family have been notified of the discovery.
Police will prepare a report for the Coroner.
UPDATE 12.15PM Wednesday: Emergency services have been called back to the site of Waranga Basin.
UPDATE 10AM Wednesday:
EMERGENCY services have called off the search for a Shepparton man who went missing at Waranga Basin on January 2.
The 26-year-old man was last seen going underwater as he attempted to swim back to a boat.
Police spokeswoman Leading Senior Constable Julie-Anne Newman said the search was called off on Sunday evening.
The 26-year-old man was last seen going underwater as he attempted to swim back to a boat.
UPDATE 6pm Friday: Emergency services have been unable to locate a man they fear has drowned.
The 26-year-old Shepparton resident went missing at Waranga Basin around 5.10pm Thursday.
Crews scoured the water for the man Friday but were unable to locate him.
Sergeant Noel Gleeson said the search would resume Saturday morning.
“We haven’t found him,” he said.
“It’s been called off for today and it will be called back in the morning.
“Everyone’s cleared and we’ve called it a day.”
Sergeant Gleeson said wind had increased during the day and created rough water.
“ We’re going to resume at 8am,” he said.
LATEST: A MAN is missing, feared drowned, after an incident at Waranga Basin near Rushworth on Thursday.
The 26-year-old Shepparton man had been boating with three other people near Harriman Point when their boat broke down.
Ambulance Victoria spokesman John Mullen said the man had attempted to swim to shore and encountered trouble.
He said the man tried to return to the boat but encountered difficulty and went underwater.
"The boat's broken down and a man in his 20s attempted to swim to shore," Mr Mullen said.
"But he then turned back and headed back towards the boat.
"That's the last anyone has seen of him.
"He's apparently gone under."
Police, paramedics and SES staff searched the air by boat and helicopter Thursday.
Sergeant Noel Gleeson said the search team would resume at about 7am or 8am Friday.
"He hasn't been located at this stage," he said late Thursday.
"If he's not located by dark, people will come back at first light and we'll mount a search to try to locate him."
Three people had been in the boat at the time of the incident.
The engine cover had been removed from the vessel and those who had been onboard were visibly distressed during the search.
Emergency services were alerted to the incident around 5.10pm.
Sergeant Gleeson could not say what had caused the incident, but said it highlighted the importance of water safety.
"Just be careful when you're on our waterways," he said.
Statistics show men are far more likely to drown in Australian waterways.
A Royal Lifesaving Society report shows 291 people drowned between July 1, 2012 and June 30, 2013.
82 per cent of those were men, and 41 were Victorian residents.
The basin, which supplies Central Goulburn, Rochester and Pyramid-Boort irrigation areas, is about 57 per cent full, with a current volume of 246,000 megalitres.
It is one of the largest water storages in the Goulburn system.
It's not known which agencies will return for the search operation.
UPDATE 8.15PM: Emergency services have not located the body of a man missing at Waranga Basin.
Police are treating the incident as a drowning.
Sergeant Noel Gleeson said search crews would continue looking for the 26-year-old Shepparton man during daylight hours.
"He hasn't been located at this stage," he said.
"If he's not located by dark, people will come back at first light and we'll mount a search to try to locate him."
Sergeant Gleeson said the incident highlighted the importance of water safety.
"Just be careful when you're on our waterways," he said.
"You just have to be so careful and if you don't know what you're doing, don't go there."
Sergeant Gleeson said it was "still early days" and did not say what he believed had caused the incident.
The man was with three other people at the time of the incident.
Statistics show men are far more likely to drown in Australian waterways.
A Royal Lifesaving Society report shows 291 people drowned between July 1, 2012 and June 30, 2013.
82 per cent of those were men, and 41 were Victorian residents.
UPDATE 7.25pm: A man is feared drowned after a boat breakdown at Waranga Basin.
Ambulance Victoria spokesman John Mullen said he believed the man had attempted to swim to shore.
"The boat's broken down and a man in his 20s attempted to swim to shore," Mr Mullen said.
"But he then turned back and headed back towards the boat.
"That's the last anyone has seen of him.
"He's apparently gone under."
The police air wing has been called in and boats are being used to search the scene.
It's believed there were at least three other people in the boat at the time of the incident.
The search is being co-ordinated from Harriman point on the south side of the Basin.
Paramedics were first alerted to the incident at 5.11pm Thursday.
EARLIER: Emergency services have been called out to an incident at Waranga Basin.
Rushworth SES is on standby.
Police have attended Lake Waranga Caravan Park and Holiday Camp.
One of the owners, who is away from the site, said she did not know what had happened.
More to come ...