Ian Gillan, Ian Paice, and Roger Glover are accusing Dipak Shanker Rao of siphoning up to $4.9 million (£4 million) in funds from their financial companies HEC Enterprises and Deep Purple (Overseas) Ltd.

Bosses at the companies also hold the song copyrights for Rainbow and Whitesnake's back catalogue. The two bands were formed by former Deep Purple members Ritchie Blackmore and David Coverdale.

According to The Telegraph, Rao, who has been working for the band since 1994, admitted to "borrowing" or "lending" at least $2.8 million (£2.27 million) and $585,000 (£477,000) has been recovered. The companies also went into administration last year (16).

Earlier this week (ends06Jan16), the High Court reportedly froze Rao's assets.

In 2015, Blackmore launched a $1.1 million (£897,000) lawsuit against bosses at management companies HEC Enterprises and Deep Purple (Overseas) over unpaid royalties, which reportedly led to the irregularities involving Rao.

The legal action came 12 years after Gillan, Glover, Paice, and Jon Lord reached a settlement with management executives over royalties - but the former guitarist was not included in the lawsuit.

Blackmore parted ways with the band in 1975.