The so-called Panama Papers revelations have led prosecutors in Geneva to open a criminal investigation which is linked to a rare painting by Modigliani.

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The artwork was allegedly looted from a Jewish art dealer during the second world war – and the painting was confiscated last week by officials in Geneva.

James Palmer of Mondex Corporation – a Toronto company that tracks plundered artworks, says the Nazis stole the 1918 painting, “Seated Man with a Cane,” from collector Oscar Stettinger – who escaped from Paris at the beginning of the war. Palmer says the painting was estimated to be worth at least $25 million.

The Modigliani was sold at a London auction in 1996 to an offshore company – which was reportedly created by the Mossack Fonseca law firm.