You are punished with a Teleport into water, with an instant KO.
Total lost items from my face down swimming by god :
1x Adventurers Sword (Reimbursed)
1x Fishing master 1600 rod (Reimbursed)
2x Lovers lockets
3x Iron bars
EDIT:
1x Pickaxe (just realised its gone also)
Several other small items(not fully sure which).
Be warned, its not only players who can steal your stuff, God will rob you of it too, why you are standing in the town center.