POLICE are hunting a gang of car thieves who held the owner of a vintage muscle car at gun point this morning before forcing him to sign transfer papers.Up to seven men wearing balaclavas with head torches and armed with a handgun broke into a home on Phar Lap Rd in Wattle Grove at 4am this morning.
Acting Detective Sergeant Nicole Winstone said the home owner and a woman were forced at gunpoint to sign transfer papers by torchlight before handing over the keys to the 1967 Metallic blue Ford Mustang Coupe.
No one was hurt in the hold up.
A Tactical Response Group stormed a Bayswater factory at 8.40am in search of the vehicle and offenders.
The car was later found dumped across the road outside a mechanics warehouse.
Police located the vehicle using a covertly installed $399 tracking device.
"It looks as if the car has been dumped, however investigations are continuing into whether this was a planned dumping or whether it was a random dumping in Bayswater," Sgt Winstone said.
“The vehicle will soon be conveyed from this address for forensic analysis.
“There was no one found inside the premise and at this point the descriptions (of the offenders) are very vague.
“The victim is still being interviewed by police.”
Police would not confirm if the matter is bikie related.