Aleks Devic -
Missing Melbourne diver Karen Lee may have been taken by a shark.
Police say her buoyancy vest was shredded, indicating a shark may have attacked her.
The vest will be sent for expert analysis to determine what type of shark was involved.
Police have given up looking for Ms Lee, 42, of Preston, who disappeared about 3pm on Saturday after a chartered dive in an area known as Ship's Graveyard off Point Lonsdale.
Scuba gear and a camera were also found during the search.
Acting Sgt Ryan Hartshorne, of police search and rescue, said the vest appeared to have been damaged by a shark.
"It just looks like it has been shredded and hacked through," Acting-Sgt Hartshorne said.
He said photos on Ms Lee's camera did not show any sharks.
He said while a shark attacked her gear, it was still unclear if she had been taken by one.
The vest and camera were found with a mask, scuba tank, waist belt and buoyancy equipment about 50m from the shipwreck where Ms Lee was diving.
Police confirmed all the equipment belonged to Ms Lee.