ROCK LEGENDS SWINDLED OUT OF £2m BY ACCOUNTANT

THE long-serving accountant of rock legends Deep Purple has been disqualified after he siphoned off at least £2m of the band’s cash.

Dipak Shanker Rao, 69, has been handed an 11-year ban after the money disappeared from his company accounts while he was managing the group’s copyrights.

Rao has looked after Deep Purple’s finances for more than 20 years, and band members Ian Gillan, Ian Paice and Roger Glover are suing him for up to £4m for misappropriating funds from their financial companies, HEC Enterprises and Deep Purple (Overseas).

Both companies own the copyright to many of the Smoke On The Water band’s many hit records, along with those of rival rock acts Rainbow and Whitesnake.

The companies went into administration in early 2016 and so far just £477,000 has been recovered. The latest development comes as the band ( pictured in the 1970s) are on what could be their final ever tour, The Long Goodbye.

The money siphoned by their accountant came to light only as a result of a lawsuit brought against the company by Ritchie Blackmore, Deep Purple’s former guitarist, who last year demanded £750,000 in unpaid royalties.

Rao has already admitted ‘borrowing’ or ‘lending’ at least £2.2m. An investigation by the Insolvency Service found he had made numerous payments from the company accounts to his personal accounts between 2008 and 2014.

He has been disqualified from managing or controlling a company without leave of the court until 2028.

Sue Macleod, chief investigator at the Insolvency Service, said that actions of this kind ‘will lead to serious censure’.