Netaji’r Sampad Rahasya

 
Reviewed By Jakir Ali
Whenever the name of Netaji Subhas Chandra Bose is invoked in the history of India’s freedom struggle, two familiar questions usually take centre stage: Did he really die in the plane crash of August 1945, and what is the true mystery behind his disappearance? Yet, alongside these debates, another critical question has remained largely in the shadows for decades: What happened to the massive reserve of funds, gold, jewellery, and other assets collected from overseas Indians for the Azad Hind Government and the Indian National Army (INA)?

The weight of this question lies in the fact that it is not a matter of personal property. When wealth is gathered from the public for the sole cause of a liberation movement, its accounting, preservation, transfer and post-independence management become matters of state importance and historical record. In his book, The Mystery of Netaji’s Wealth, veteran journalist Indrajit Mukhopadhyay brings this obscure chapter straight into the investigative spotlight.

The First Question: Was There Really an “INA Treasure”?
The short answer is yes. Official government documents themselves confirm the existence of these assets.
This issue gained significant momentum in 2015-16 when the Government of India declassified numerous secret files related to Netaji. The official Netaji Papers housed in the National Archives of India include records from the Prime Minister’s Office, the Ministry of Home Affairs, and the Ministry of External Affairs. The government released 100 files digitally in 2016, followed by many more in subsequent phases.

Crucially, these records include official files explicitly titled “INA Treasure.” In other words, Netaji’s treasure is not a modern myth or late-stage fiction. The state itself documented these assets as a distinct administrative matter. This fact provides the solid foundation upon which Indrajit Mukhopadhyay builds his investigation.

1951: The First Major Clue in Tokyo
An important part of the declassified files takes us back to 1951, when several Indians made contact with the Head of the Indian Liaison Mission in Tokyo. They claimed to be holding gold and jewellery recovered from Netaji’s crash site, along with some Japanese currency.

Government records detail this event explicitly. Under instructions from the Prime Minister, the gold, jewellery, and cash were deposited with the Indian Mission. Following the signing of the Peace Treaty with Japan, these items were packed into a box and sent to Delhi in November 1952.

This detail is immensely significant. It replaces secondhand rumours with a clear official trail: 
Indian diplomatic mission → Government directive → Receipt of the assets → Dispatch to Delhi → Government custody.
There is indisputable proof that a specific quantity of gold and jewellery reached official state custody.

The Assets in the National Museum
The records reveal that on December 30, 1953, the gold and jewellery were transferred to the safe custody of the National Museum, while the cash was moved separately into the INA Relief Fund.
Here, an important distinction must be made. The popular conclusion that “all of Netaji’s wealth was lost” is not supported by government documents. Instead, the records prove that at least a portion of the assets was identified, taken into state custody, and stored at the National Museum.
Yet, this is precisely where the second chapter of the mystery begins.

1956: The Shah Nawaz Committee and the Treasure Box
In April 1956, the Government of India formed the Shah Nawaz Khan Committee to investigate Netaji’s 1945 disappearance and subsequent events. The committee’s published report directly addresses the matter of the treasure. Bibliographic records of the official report list entries for “treasure,” “jewellery,” “gold,” “valuables,” and “wooden box.”
Furthermore, a 1978 government document notes that the Shah Nawaz Committee personally inspected the box kept at the National Museum and provided a detailed account of the INA Treasure in Chapter VI of their report. By 1956, an official government inquiry into the INA Treasure was an established fact.

Fact Versus Legend
The lingering question remains: Did this box contain the entirety of the INA’s assets?
This is where history must be separated from legend, and it is precisely where Mukhopadhyay’s book captivates the reader. At a time when many construct narratives based on hearsay and popular rumour, this book stands out as a thoroughly researched, evidence-based report on Netaji and the lost treasury of the Indian National Army.

The reviewer is a history enthusiast