A pony has been dragged into a canal and drowned, the RSPCA has said.
The animal was found by dog walkers in the water in Rugby in Warwickshire on 7 December.
The RSPCA said the carcass was still warm, which indicated the piebald pony had still been alive when it was pushed in. Drag marks leading to the water's edge were also found.
The animal charity said it was trying to trace a dark Range Rover seen "speeding away" from the area.
RSPCA Inspector Louise Labram said the pony's carcass was found directly opposite a lay-by in a stretch of water running between Brinklow and Newbold.
She said: "This is very distressing; clumps of horse hair were found in the lay-by and there were drag marks through the soil and leaves down to the water.
"We believe the pony could have been bundled into the back of a van or a large vehicle and driven to the lay-by."