Police are disgusted and appalled at the behaviour of hoons leaving a men's mental health fundraiser, with one driver charged with conduct endangering life.
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Saturday's "Street Speed Mayhem" ended with a series of car and motorbike doughnuts and burnouts, causing blinding smoke to blanket busy Howitt Street and missing onlookers by centimetres.
Affected people standing nearby included a couple with a baby in a pram.
"They could have been killed," Leading Senior Constable Ben Hay said.
"That kind of behaviour is unacceptable and dangerous. It's placing people's lives at risk.
"It could have easily resulted in a fatal collision or seriously injured bystanders."
The Ballarat Highway Patrol officer said as of Tuesday, four alleged offenders had been tracked down.
A driver has been arrested and will be charged on summons with reckless conduct endangering life as well as failing to have proper control over a vehicle.
His car is due to be impounded before the end of the week.
Another car was impounded on Tuesday and its male driver charged with careless driving and improper use of a vehicle.
Senior Constable Hay said another two drivers had been located - and would also face serious driving charges.
"Police will be making further enquiries in relation to people who attended the event and detecting further offences including the future impoundments of more vehicles," he said.
"Police are appalled and disgusted at this behaviour.
"The actions of the drivers involved could have led to serious injury or death."
In videos circulating on social media, two white cars as well as a blue classic car with at least four people inside could be seen creating large amounts of smoke and sliding on Howitt Street as they exit the showgrounds.
The burnouts and doughnuts created huge skid marks.
Another video shows a group of large motorbikes creating blinding smoke.
"We're coming up to Operation Nexus, which starts on Thursday morning and runs all through Easter," Senior Constable Hay said.
"But whether there's a police road operation or not - this sort of behaviour is not on."
He said police were investigating multiple drivers across Victoria.
They are also speaking with the organisers - and investigating the actions of people involved in the event.
Senior Sergeant Liam Gardner said an anonymous person was in touch with police, who had also been able to access CCTV.
"People can expect their vehicles to be impounded and charged with serious traffic offences if and when detected.
Police could not confirm if alcohol was a factor, although organisers said before the event that it would feature a licenced bar.
Senior Sergeant Gardner said drivers should also be aware that new driver-distraction laws have taken effect.
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