India, April 26 -- A special court under the Prevention of Money Laundering Act (PMLA) on Saturday accepted the Enforcement Directorate's (ED) closure report in a money-laundering case arising out of an alleged Rs.10-crore corporate fraud, holding that the prosecution cannot survive once the predicate offence itself has ended in compromise and acquittal.

The court accepted that no offence of money-laundering was made out and ordered the closure of the Enforcement Case Information Report (ECIR) registered by the ED.

The case stemmed from a first information report (FIR) registered on May 14, 2019 at the Khalapur police station alleging cheating, criminal breach of trust, forgery and conspiracy by the Indian directors of Oil Tools Interna...