Officers leading the probe said they were “content that no crime occurred.”
The incident was reported to have taken place near to the wooded area on Caskieberran Road around 1:00am on Saturday, April, 30.
Police launched an investigation, and appealed fore the occupants of two cars, traced through CCTV, to come forward.
They also appealed to trace a group of five women near Tanshall rou8ndabout and may have spoken to the woman after the incident.
Today, police in Fife said inquiries were at an end.
Detective Inspector Graeme Dursley said: “We want to thank all of those who came forward with information and we are content that no crime has occurred.”
He added: “Anyone who has been a victim of sexual crime can always contact police, we take every report seriously and will investigate thoroughly.”