Victoria Police have concluded no fraud offences were committed as part of the Melbourne Storm salary cap breaches.

Victoria's Fraud and Extortion squad began investigations into the scandal last July, but on Friday said no charges would be laid.

Police say they did uncover the falsification of statutory declarations but would find it difficult to lay charges over those offences.

"After a long and thorough assessment, investigators have found no fraud related offences have been committed," a Victoria Police statement read.

"During the investigation police identified some offences relating to the falsification of statutory declarations.

"Some of these declarations were made outside of Victoria.

"We have decided not to pursue this line of enquiry as to do so would be extremely resource intensive and there is a high probability it would not result in any charges being laid."

Former Storm chief executive Brian Waldron and high ranking club officials Matt Hanson, Paul Gregory, Peter O'Sullivan and Cameron Vale were reportedly at the centre of the police investigation.

The statement said the "criminal environment" was not the most suitable way to proceed but "other regulatory agencies" could still take action.

The Australian Securities and Investments Commission, the Australian Taxation Office and Victorian Office of State Revenue all began their own investigations into the Storm rort.

Four player agents - Alan Gainey, George Mimis, Isaac Moses and David Riolo - have been asked to show cause as to why their accreditation should not be revoked as a result of the scandal.

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