As per the MEA File No 25/4/NGO - Vol 1, the INA treasure that was deposited to the Embassy of Tokyo and which was sent to India with Mr. Damle, Jt. Secy, Food and Agriculture, contained broken pieces of jewelry and other articles worth Rs 90,000 only. The Government had sought waiver of customs duty on these articles and Prime Minister Nehru himself referred the matter to the Finance Ministry. The treasure, as per Nehru's letter, consisted of some gold. A letter of Lailamani Naidu in 1952 accuses Mr. Ayer of dividing the loot and handing over a small quantity to the Government. Ramamurthi had handed over around 20,000 Yen in cash to the Indian Embassy, apart from the Rs 90,00 worth of broken jewelry.
As per MEA File no 25/15/NGO-53, V.B Sheth, former Secretary of Indian Independence League in Tokyo, had alleged that "Ramamurthi, took the jewels and precious articles belonging to INA, in three boxes, from S.A Ayer, and disposed of the valuables in Japan. He then became a multi millionaire and ran a very prosperous business. In Tokyo he was accused of evading customs duty to the tune of 2 mn yens. Ayer just took a blank receipt from Ramamurthi, after handing him the treasures. Ramamurthi disposed off the treasures by converting them to cash and colluded in this effort with the British Intelligence officers in the British military mission. Between 1946 and 1948, i.e. after receiving the treasure, Ramamurthi suddenly became very rich, and he was accused to run a black market in Tokyo in the garb of being a trader." The letter was dated 18th February, 1953 and was addressed to the Home Minister of India Government. V.B Sheth was also the director of Indo Japanese Friendship Association. Sheth also implicated Japanese military chiefs. A.M Nair, who was the liaison officer of IIL, said that the jewels did not accompany Bose as the plane was overloaded. Ayer followed in the next plane with the boxes and after reaching Tokyo when he heard of Netaji's death in a plane crash, he handed them over to Ramamurthi. Murthi since left Japan for India under mysterious circumstances. The jewels estimated at million dollars were never accounted for. Murthi had refused to make any accounting of the funds of IIL Japan, according to L.R Miglani. Murthi and his wife were arrested by Japanese police for violation of customs law.
On May 21, 1951, Tokyo Mission Head KK Chettur wrote to B.N Chakravarty on his suspicions about Ayer and Ramamurthi regarding misappropriation of INA wealth. Col. Figges of British Intelligence had invited Ramamurthi to settle down in UK, pointing to a tacit understanding between the two. Ayer was later appointed by Nehru as a key adviser for the publicity of his Five Year plans.