It is understood one of those properties was AJ Hackett's bungy site.
Detective Senior Sergeant Malcolm Inglis confirmed police were in the "early stages" of investigating damage done to a water supply in the Gibbston area.
He said police were notified of the issue on Monday, and were looking at "all avenues".
Otago Regional Council acting environmental monitoring and operations director Peter Winder said a water take in the Gibbston area was found to have been "purposely blocked".
"This is being regarded as a criminal matter and has been referred to Queenstown police."
The regional council would assist with water sampling if required, he said.
"We cannot comment further while the issue is under police investigation."
An AJ Hackett spokesman said nobody could comment on the issue as "unfortunately, the person dealing with this from our end is not available this week".
