Deep Purple’s Former Accountant Hit With 11-Year Ban for Misappropriating Funds
The results of a bankruptcy investigation have found Deep Purple‘s former accountant liable for more than $2.5 million in misappropriated funds, resulting in an 11-year ban on his eligibility to serve as a corporate director.
The Guardian reports that Dipak Rao, who worked for the band between 1992 and 2014, was found to have diverted “at least £2m” from band-related companies into his personal accounts. Rao’s misdeeds were turned up during an investigation by the U.K.’s Insolvency Service that was triggered after the companies entered receivership; according to a Service rep quoted by the paper, the findings were as damning as they were clear.
“Rao misappropriated company funds,” said chief investigator Sue Macleod, “causing detriment to the company and its creditors, to his own personal benefit.”
Rao, who’s said to have admitted to “borrowing” the money, now faces an 11-year disqualification from serving as a company director — in addition to a lawsuit brought by his former clients in Deep Purple. The Guardian‘s report estimates that the group has recovered only roughly $640,000 of what it’s owed, and a court case filed in January is “believed to be ongoing” separate from the Insolvency Service’s investigation.
Deep Purple, meanwhile, are replenishing their coffers through another round of touring and recording. The band released its latest studio outing, inFinite, earlier this year, followed by a string of co-headlining dates with Alice Cooper. They’re booked through the end of the year in Europe in South America; visit the band’s official site for a list of currently scheduled shows.
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