Whyte has financially mismanaged the Ibrox giants, and due to the need to bring administrators into the club, the Glasgow-base team face a battle to assure their future.
Murray, who sold his major shareholding for just £1 in May 2011, admits that he feels he has been conned.
“I was primarily duped,” said Murray told Sky Sports.
“My advisers were duped, the bank was duped, the shareholders were duped. We’ve all been duped.
“He met the criteria that were in his offer document. He’s quite affable and plausible.
“I always remember someone said, ‘Does it pass the sniff test?’ He was Scottish, he wasn’t a foreigner, he was supposedly a Rangers supporter, he had the money.
“There is a Stock Exchange offer document there. If you can’t believe that, what can you do?
“Craig Whyte made a statement that the club was never in better financial state when he took it over.
“This is a guy saying he’s going to spend money on players, on health and safety, do the ground up. That is a legal offer document. You would expect that to be honoured.
“The letter on January 3 (from Whyte’s solicitors assuring Murray that obligations were being met by Whyte) is quite dynamite, because what they’ve done is confirm that they would deliver the deal they signed up to,” he concluded.
By Gareth McKnight