Token Velocity Scripts

I am trying to populate a test email message in Marketo with data fetched from a web API and I haven’t had any luck with that. I was able to get record details (directly uploaded to Marketo Custom Objects) populated via Tokens in a test email but I am having trouble now when dataload from outside Marketo is involved. I can assure that records are entering Marketo successfully and also getting added to Custom Objects but cannot understand what is wrong with the velocity scripts. Please comment if someone has experience with email scripts and tokens.

Thanks