Police Commissioner Mick Fuller says officers are forensically examining the GPS data from a Range Rover the fugitive was spotted in on CCTV in the early hours of Tuesday, travelling with two other men.

Baluch - who was described by Police Minister David Elliott as "our Pablo Escobar" in reference to the notorious Colombian drug trafficker - removed an ankle bracelet that was electronically monitoring his whereabouts on Monday night.

Mr Fuller said earlier intelligence that Baluch had flown out of Bankstown airport on a private jet did not appear to be correct.

"There's also intelligence that he is travelling south now towards Victoria so we have police on high alert, we know that photos are out," he told Sydney radio 2GB on Thursday.

"We continue to ask the community to keep a look out for this individual," he said.

"We do believe that he is also dangerous."

Federal and international police are involved in the hunt for the 33-year-old from Sydney's northern beaches.

"Police are investigating this matter as an absolute priority," Mr Fuller said.

Baluch was arrested in June and charged with being part of a conspiracy to import more than 900kg of cocaine but was granted bail on Friday after putting up a $4 million property as surety.

Mr Fuller said police would "continue to investigate this 24/7" but he did not underestimate the difficulty of the task given the resources available to Baluch.

"If you have the ability to get 900kg of cocaine out of South America then you have a pretty extensive criminal reach," he said.

Mr Fuller said he was determined the $4 million property put up as bail would be surrendered to authorities.

"Because the cost of this investigation in terms of not just arresting him but then finding him will cost more than $4 million."

Australian Associated Press