Police have stood down from the incident in Oxford Circus after finding no casualties, no suspects, and no evidence of any shots fired.
Emergency services were called to the scene at 4.38pm on Friday (November 24) to reports of shots fired in a number of locations in Oxford Street and Oxford Circus Underground Station.
The station was closed, with police responding as if it was a terrorist incident.
A spokesman for Metropolitan Police said: "Officers working with colleagues from British Transport Police carried out an urgent search of the area.
"No causalities, evidence of any shots fired or any suspects were located by police.
"Some cordons remain in place and additional officers remain on duty in the West End to reassure the public.
"We thank the public for their patience and assistance during our response.
"If you see anything suspicious dial 999 immediately."
Members of the public were advised by police to go inside buildings and witnesses described "mass panic" in the area.
During the incident, Vinay Kanani, who works in the area said: "I work at Berners Street, and we heard lots of screaming and police vans coming in their droves.
"Building staff came in advising us of an incident (possibly gun shots), and we have been locked in."
Bond Street Underground Station was closed to prevent overcrowding.
Both Oxford Circus and Bond Street stations have now reopened to the public.
Oxford Circus has reopened to traffic, with Transport for London (TfL) warning motorists of slow traffic in the area.
To catch up with the events as they unfolded, head to our live blog .
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