Bank Medici is thought to have been the largest single source of investments into Mr Madoff’s funds, facing potential losses of $3.2 billion arising from the elaborate Ponzi scheme fraud of which he was convicted at the start of this week. Following the discovery of the fraud Bank Medici’s fortunes have nosedived, culminating in its banking licence being revoked by the Austrian authorities in May due to inadequate capital stock.

According to the report, one of the claims against Mrs Kohn is that she charged Madoff Securities International - a London-based arm of Mr Madoff’s investment empire - £7 million ($11.6m million) for research which MSIL staff say was worthless. Citing unnamed sources familiar with the matter, the publication said that the claims are part of a request for legal assistance from the Serious Fraud Office to Austrian prosecutors made in March.

Bank Medici’s lawyer, Andreas Theiss, was reported to have denied that Mrs Kohn received any money from Madoff Securities International, or from Mr Madoff directly.

The Serious Fraud Office did not immediately comment when contacted by WealthBriefing on the matter.

This latest claim from the UK adds to several international investigations into Mrs Kohn and Bank Medici’s involvement with Mr Madoff’s activities, among which is an Austrian probe into allegations of breach of trust and fraud. Both Mrs Kohn and Bank Medici have denied any wrongdoing.

Mr Theiss reportedly said that Mrs Kohn was cooperating with the US Department of Justice’s investigations, but that there was no indication of her involvement with the multi-billion dollar fraud. “There is no evidence whatever – nothing, nothing, nothing,” he is quoted as having said.