Victorian racing officials will continue to investigate the Smoking Aces affair despite police saying no criminal charges will be laid against jockey Danny Nikolic or any other party.

Purana Taskforce detectives have completed an investigation into alleged race fixing and money laundering linked to a number of horse races in 2011 and 2012.

But on advice from the Office of Public Prosecutions, no charges would be laid, Victoria Police said in a statement released on Monday.

However, a Racing Victoria stewards investigation into allegations of race fixing involving the horse Smoking Aces remains active and will continue, the governing body said.

RV said in a statement it would pursue the investigation to determine whether any breaches of the racing rules had occurred and whether further information could be legally obtained from the police.

"Given the completion of the Victoria Police investigation, Racing Victoria has asked Victoria Police to supply it with information that will allow its investigation into any possible breaches of the Rules of Racing to continue," the statement said.

"With respect to that request, Victoria Police is seeking advice from the Government Solicitor as to what information it can legally share with Racing Victoria."

The Cranbourne race won by the horse Smoking Aces, ridden by Nikolic, was identified last year in a television program as being under suspicion by police of being rigged.

Nikolic, his brother John and jockey Mark Zahra were named in connection with the investigation of the race, although Zahra said he had not been questioned.

All three have been informed no criminal proceedings will be pursued.