When property has been reported as stolen to police authorities in the Virgin Islands and in order to seek the whereabouts of that stolen property, or when there is probable cause to believe that record entries are incorrect or that not all items required to be recorded have, in fact, been recorded, any member of the local police force where the trader has his business may, during normal business hours and in the presence of the trader or his representative and in pursuance of investigating the aforementioned theft, inspect at the trader's place of business the records required to be kept by this subchapter and any item of property listed in section 310 of this subchapter which corresponds to the report of theft. Where the trader refuses to produce the reported items for inspection, a search warrant shall be obtained forthwith by the police.