Four Oxford University students have said they are to resign from the university's Conservative association after accusing other members of antisemitic behaviour.

According to those who are leaving, members sang a Nazi-themed song about "dashing through the Reich" and "killing lots of kike".

The Telegraph said it had seen video footage of the incident, while the Oxford Student newspaper quoted a member who said: "lots of people were singing (the song) that night, and indeed on many other nights".

A former president of the association, Joe Cooke, said he was resigning because it had "come to represent everything we're supposed to stand against".

Association alumni include former prime ministers Ted Heath and Margaret Thatcher, as well as the current Home Secretary Theresa May and Foreign Secretary William Hague.

This is not the first time there have been allegations of racism at the association; four members were expelled in 2000 for making Nazi salutes and two years ago the society was briefly banned by Oxford University for racist antics.

James Lawson, the association's current president, said he was investigating the incident. "If it turns out this person is a member we will take immediate action to expel them," he said.

A spokesman for the university said: "It is not clear at this stage whether or not these allegations are accurate.

"The university proctors, who are responsible for discipline, have been made aware of the student newspaper article detailing the allegations, and will be considering whether there are grounds for further investigation."

Dan Sheldon, the campaigns director of the Union of Jewish Students, said: "UJS fully supports the action of the Oxford student who has resigned his membership in response to this appalling display.

"It was a deeply disturbing incident and one which should be strongly reprimanded. UJS fully supports the University’s investigation into it and any disciplinary action then taken."