The party, however, spared MPs Satabdi Roy and Tapas Pal who were also served show cause notices on September 20 after they apologised in writing to the party chief, Chatterjee said.
Ghosh, who had on Sunday threatened to "reveal many things" if he was arrested in the Saradha chitfund case, has alleged that he was being made a sacrificial lamb.
He had claimed that his life was under threat and was interrogated by the police a number of times after he was named by Saradha Group chairman, Sudipta Sen who is in judicial custody, in a letter to CBI alleging the MP's involvement in the ponzi scam.
Chatterjee said, "No one is above party discipline. We will not spare anyone to tarnish the party's image and break party discipline and principles irrespective of his stature.
"Kunal Ghosh is not an ordinary worker of the party. He was nominated by the party," he said.