Police will not lay any charges against Labor MPs connected with the red shirts scandal after a fraud squad investigation found no charges should be pressed despite the MPs refusing to be interviewed.

Deputy Commissioner Shane Patton on Thursday said that the 16 MPs who had been investigated over the misuse of parliamentary funds in the 2014 election campaign "have been exonerated".

The Andrews government was re-elected in a landslide despite the red shirts saga hanging over it. Credit:AAP

Mr Patton told reporters that police requested interviews with those 16 MPs but they declined. However, the investigation continues into two other men facing fraud allegations. One of them understood to the architect of the scheme former state treasurer John Lenders.

Premier Daniel Andrews, Deputy Premier James Merlino and Police Minister Lisa Neville were not among the 16 MPs.