The case was sought to be registered by a woman village head of Daulatpur village who demanded action against Bachchan for allegedly "defrauding and cheating" the local population.
The college, according to Bachchan, was to be named after his star daughter-in-law Aishwarya Rai.
The court had directed the police to carry out a preliminary inquiry on the charges leveled against Bachchan.
It is learnt that the report absolved Bachchan of the multiple charges levelled by Raj Kumari.
"The complaint appears to frivolous as none of the charges could be substantiated by facts", a police official said.
In an application before the court, Raj Kumari had accused Bachchan of "playing fraud" on the villagers by "deceiving the local population in the name of building a women's college".
She even charged Bachchan with threatening her with dire consequences when she approached him to honour his commitment.
Bachchan, along with his wife Jaya, son Abhishek, Aishwarya and close friend Amar Singh visited the village in 2006 amid much fanfare and declared that the college would be be built there.
However, there was no activity on the plot in all these years following which the village head moved the court.