The police have been urged to urgently investigate an offshore firm linked to Andrew Mountbatten-Windsor. The former prince jointly owned Inverness Asset Management (IAM) with his friend David Rowland.

IAM was registered in tax haven, the British Virgin Islands, in 2007. It is alleged the company, which is listed as dissolved at Companies House, was used to lure contacts of the former prince to invest in a tax-free offshore fund.

The company aimed to persuade investors to pour money into an investment fund called Blackfish Money Plus+ Fund, according to The Times.

It cites a leaked document detailing the fund as saying: "The introductions will largely be from the contacts of IAM, consisting of royal families, high-net-worth families, heads of state and government institutions".

Questions have been raised over whether the offshore company was established to help Mr Mountbatten-Windsor gain financially from his previous role as UK trade envoy.

Mike Wood, a Conservative MP and shadow Cabinet Office minister, told the publication: "These allegations are deeply concerning and the police must urgently investigate the matter to establish the full facts."

The leaked papers appear to show Mr Mountbatten-Windsor had a 40% stake in IAM while the Rowlands held a 60% stake via their company, Blackfish Capital Management.

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Royal author Andrew Lownie told the Mail on Sunday the police have to look at Inverness Asset Management and IAM as part of their investigation.

He added: "It raises a host of deeply worrying questions about whether these were used by Andrew to make money from his time as trade envoy."

Mr Lownie said the former prince appeared to be living the life of a billionaire playboy for years despite having a limited income.

He said: "[T]his fund could explain how he pulled it off."

Mr Mountbatten-Windsor served as the UK's special representative for international trade and investment from 2001 until 2011, when he stepped down amid controversy over his friendship with the paedophile financier, Jeffrey Epstein.

The former prince was arrested in February on suspicion of misconduct in public office after emails in the Epstein files appeared to show him sharing confidential messages with the late financier. He was released under investigation, according to Thames Valley Police. Mr Mountbatten-Windsor has denied any wrongdoing.

The Daily Express has approached Mr Mountbatten-Windsor, Blackfish Capital Management and Thames Valley Police for comment.