A shark net contractor employed by Fisheries Queensland is being investigated over the possession of shark fins and jaws.

Fisheries Queensland confirmed its officers executed search warrants last week at several premises at Rainbow Beach on Queensland's Cooloola Coast last week, seizing a number of items including shark fins and jaws.

The investigation is continuing and no charges have been laid.

The Rainbow Beach contractor is one of four people being investigated over the illegal haul.

He is employed to remove sharks, turtles, fish and mammals from shark nets and drum lines — releasing them if they are alive, or dumping them out to sea if dead.

Shark fins can be worth up to $100 each on the black market and are used in soups and traditional medicines.

A Fisheries Queensland spokesperson said strict rules were in place to provide protection to breeding adults and discourage the targeting of sharks for their fins alone.

"The practice of finning sharks and dumping their bodies at sea is illegal in Queensland and severe court penalties in excess of $100,000 can be imposed," the spokesperson said.

Concern practice widespread among shark net contractors

Sea Shepherd spokeswoman Natalie Banks said she believed some of Queensland's shark contractors had been finning for some time.

"We're shocked but I guess we're not surprised," she said.

"Not only just one person but four people have potentially been raided and that one of those includes a contractor for Rainbow Beach."

Ms Banks said the practice could be widespread among the shark net contractors throughout Queensland.

"It's not the first time we've heard — or the first contractor that we've heard — that may have been finning," she said.

"That's purely because of the price that can be garnered from actually finning a shark.

"When you're getting prices that range between hundreds of dollars for a shark fin, it obviously is an enticement for anybody to do trading illegally or on the black market."

Review needed into role of contractors

Ms Banks said Fisheries Queensland must review the role of their contractors.

"A thorough investigation — not just on this contractor, but on various contractors throughout the whole of Queensland that undertake the shark control program," she said.

"I believe that this is not a case on its own, I believe there are other cases similar to this — what appears to be an epidemic of shark-finning within the contractors themselves."

Ms Banks said Fisheries Queensland must also review how contractors maintained shark nets and what they did when they find sharks.

"We'd also like the review that they have in regards to this and others that made public."