A female teacher who spent more than two years in jail after she was wrongly accused of having sex with two eight-year-old boys has demanded an investigation into those who blamed her for such hideous crimes.

Josephine Greensill was jailed in 2010 after two former students accused her of sexual abuse, including full intercourse, when she was their year three teacher in Melbourne back in 1979.

The retired teacher, who always denied any wrongdoing, has spoken out for the first time for Australian Story saying she still hasn't received an apology following her acquittal in 2012.

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Josephine Greensill was jailed in 2010 after two former students accused her of sexual abuse, including full intercourse, when she was their year three teacher in Melbourne back in 1979

'I try not to feel angry because I don't think it's helpful. I feel sad and upset that my life has changed. I don't know if I'll get back to the happy person I was,' Ms Greensill told the program.

'I just want answers I want to know why this has happened to me. Why would someone make accusations that weren't true?'

Ms Greensill was found guilty by a jury of nine of 20 sexual abuse charges after two men made police statements in 2007 accusing their former teacher of assaulting them in a tent in her backyard.

She was sentenced at Victorian County Court to five years with a minimum of two years and eight months, with the judge saying her premeditated crime had 'poisoned and eroded' much of the victims' lives.

Prominent criminal lawyer Robert Stary took on her case after she was jailed and all of her convictions were eventually quashed in 2012 after serving two and a half years.

The appeal judgement concluded there was a 'real likelihood' the two complainants had 'collaborated, and a real possibility of concoction' in the evidence.

The retired teacher, who always denied any wrongdoing, has spoken out for the first time for Australian Story saying she still hasn't received an apology following her acquittal in 2012

'The evidence in this case just didn't stack up,' Mr Stary said. 'It 'just didn't ring true.'

'There was no medical evidence, no forensic evidence and no eye witnesses. There were inconsistent accounts provided by the accusers.'

Mr Stary said it was unacceptable there were no consequences for those responsible for what happened to her.

Ms Greensill was 61 when she was released, but her mental health had suffered and she was diagnosed with post traumatic stress syndrome.

She missed the birth of three grandchildren, her son-in-law's funeral and various milestone birthdays, including her own 60th.

Ms Greensill said she might have well have languished in prison for the full five year sentence had it not been for the determination of sisters, Annette and Mary Toohey.

Ms Greensill was found guilty by a jury of nine of 20 sexual abuse charges after two men made police statements in 2007 accusing their former teacher of assaulting them in a tent in her backyard

Ms Greensill said she might have well have languished in prison for the full five year sentence had it not been for the determination of sisters, Annette and Mary Toohey, who fought to have her released

They want those responsible for what happened to Ms Greensill to be held accountable.

'She feels like she's been acquitted but not exonerated... her reputation has been shattered and that's the most important thing to her,' Annette Toohey said.

'She was innocent. If it could happen to her, it could happen to anybody.'

Victorian Police advised last year that a Special Crime Investigation unit would consider the possibility of investigating the two accusers for possible perjury and perverting the course of justice.

Ms Greensill says she hasn't heard anything from police since January.