Police on Monday morning said they were investigating the possible theft of 23 black and white Friesian heifer cows, aged three-to-four months old, from the rural community of Forest.

"Police have received advice that the calves reported to have been stolen at Forest have been located and returned to the owner," a statement from Tasmania Police said.

The calves were described as weighing about 130kg each with orange or yellow ear tags.

Australian Associated Press