is it possible to take action against Investigation Officer

The best option is to file suit for damages againt wrongful action in tort.

FIR means "First Information Report" which has to be registered as per law on the basis of an information involving cognisable offence.

Correctness or otherwise of the information involved in the FIR has to be determined after proper investigation by the IO.

However, no case is made out against the IO who have registered FIR allegedly containing false information. 

If police closes the matter after having your materials and concludes that the complaint filed against you was false one, you may file court complaint instead of police report under section 182 IPC or for defamation under section 499 read with 500 IPC against that person.or can file a case for daamages for malkicious prosecution, but since the matter has been closed by filing B report by the IO, you have less chance to prosecute the previous police officer