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Acting leader Vincent Cable said it was essential to "establish the facts" and press charges if necessary.
Lib Dem leadership hopeful Chris Huhne has written to Met Police boss Sir Ian Blair asking him to investigate.
Gordon Brown has said donations made to Labour through intermediaries were unlawful and has announced an inquiry.
But, asked in prime minister's questions earlier why he had not called in the police, he said he had followed convention in referring the matter to the Electoral Commission.
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