City of London Police said in a statement:
In March 2013 the Office of Fair Trading (OFT) met with the City of London Police to consider their (OFT's) investigation into Wonga and whether it should be referred to the National Policing Lead for Fraud.
The interests of the consumer were at the forefront of these discussions and directed the decision that the most appropriate course of action was for the OFT to continue to investigate as regulator focusing on but not limited to the consumer credit act, legal services act, and unfair trading regulations.
Now that the regulator's investigation has concluded and a compensation agreement has been reached with Wonga, the City of London Police will be reassessing whether a criminal investigation is now appropriate.
The country's biggest payday lender apologised after admitting it sent 45,000 customers letters from fake law firms.
The payday lender's misleading practices has shown how unfairly customers have been treated in the past.