fb

Can you trust an accountant?

Can you trust an accountant?

That’s an interesting question and I’m sure that along with most other professions there are people you can trust and people you can’t trust.

If I asked the question about trusting accountants to the rock band Deep Purple though I’m pretty sure what answer I’d get.

Dipak Shanker Rao looked after the accounts of Deep Purple for more than 20 years.

In fact, to be fair when I said that he “looked after” the accounts maybe I should have said that he siphoned off more than £2 million of the band’s money without their permission.

Mr Rao has admitted “borrowing” at least £2.27 million from two of the companies within the Deep Purple empire. HEC Enterprises and Deep Purple (Overseas) owned the copyright to a lot of the band’s songs but the companies went into receivership in 2016.

Out of the £2.27 million borrowed by Rao, only £477,000 has been recovered. Ian Gillan, Ian Paice and Roger Glover (members of the band) are suing Mr Rao for up to £4 million.

In the meantime, Mr Rao has been struck off as an accountant and banned from managing or controlling a company until 2028.

One of Deep Purple’s most famous songs is called “Mistreated” and I’m sure that they feel that way at the moment…

Share this entry

Related articles

View All Articles

Recent articles

View All Articles
Stadiums, sponsorships and success: the evolution of football finances
Jan 24, 2025
Title
Stadiums, sponsorships and success: the evolution of football finances
Excerpt

The Deloitte Football Money League (DFML) is an annual publication that tracks and profiles the highest revenue-generating football […]

Waxing lyrical: Barbour’s £30M payday
Jan 22, 2025
Title
Waxing lyrical: Barbour’s £30M payday
Excerpt

With a fanbase that includes members of the Royal Family and leading music stars, Barbour coats have become […]

Harry Potter star’s gin goes global
Jan 18, 2025
Title
Harry Potter star’s gin goes global
Excerpt

When most people think of Emma Watson, they probably think of her as Hermione Granger in the Harry […]

How’s your lipstick?
Jan 15, 2025
Title
How’s your lipstick?
Excerpt

In the world of business, understanding consumer behavior is key. The “lipstick effect” looks at the interplay between […]

Retire or Re-Tie? : marriage for older people
Jan 08, 2025
Title
Retire or Re-Tie? : marriage for older people
Excerpt

Marriage trends have been shifting for decades. Whilst overall marriage rates have dipped by more than 20 percent […]

How to impress over a business lunch…
Jan 06, 2025
Title
How to impress over a business lunch…
Excerpt

Picture the scene. You’ve got an important business lunch coming up. You want to make a good impression […]

Comparing the Top 5 ACCA Platinum Online Course Providers
Jan 04, 2025
Title
Comparing the Top 5 ACCA Platinum Online Course Providers
Excerpt

If you’re looking to excel in your ACCA studies, choosing an ACCA Platinum Approved Learning Partner is a […]

Santa’s got a spreadsheet: office parties are changing
Dec 10, 2024
Title
Santa’s got a spreadsheet: office parties are changing
Excerpt

For generations, the annual office Christmas party has served as a time-honoured tradition—an opportunity for colleagues to celebrate […]