The winger quit the newco Ibrox club to join npower Championship side Hull at the end of last season.
But today Aluko admitted he is still haunted by the financial crisis that engulfed the fallen Scottish giants last season.
He said: "It's hard to describe to someone on the outside just what it is like. Every day you were hearing something new and then something else changes.
" It was very hard to keep up to date with things. All you could do as a player was to concentrate on your own job and do your best to keep the fans happy for that period you're on the pitch. We had to go about our business and we did that to the best of our ability.
"It's a tragedy really to see it happen to a club the size of Rangers. Something has gone really wrong there for that to happen to a club that big."
Aluko joined Ally McCoist's side midway through last season and was thrown into a whirlwind of chaos as the Gers plunged into administration and Celtic eased to the Scottish Premier League title.
Worse was to come as the club's parent company was placed into liquidation, with English businessman Charles Green transferring the assets over to his company, Sevco Scotland Ltd.
That is a switch Aluko opted not to make, with the former Aberdeen ace joining a host of former Gers stars who quit the club this summer.
While McCoist and his players will take to the Irn-Bru Third Division in the coming months as they embark on a long journey back to the top of our game, Aluko will join former boss Steve Bruce at the KC Stadium as Hull attempt to end their Premiership exile.
Bruce handed Aluko his big break at Birmingham five years ago as he burst on to the scene and was hailed as one of English football's hottest properties.
He was forced to head north of the border for the chance to shine, however, and the 23-year-old admits his time in the SPL has been the catalyst that has given him his Championship chance. He said: "When you play for a team like Rangers you're expected to win every game. Not just that, you're expected to be winning after 10 minutes of every game.
"I enjoyed playing under that pressure of high expectations and it'll be the same here. The owner wants to go up, the manager wants to go up, and that's what I'll thrive on.
"I've grown up an awful lot in the last few years. I left England at 18 to go to Aberdeen and that made me grow up pretty quickly.
"That wasn't easy. But I needed to play games at that stage of my career and I played in the Uefa Cup and against the big clubs in the SPL.
"Then, when you move to Rangers, every game is a big game. The Old Firm matches were just huge."