Ghosh, who was remanded to Central Bureau of Investigation (CBI) custody till Sep 12, later alleged that it was the chief minister who benefited the most from Saradha's media arm, which the journalist-turned-politician had been heading before the group went bust.
While Ghosh's proposal has been welcomed by rival parties, the Trinamool accused the Rajya Sabha member of dragging Banerjee's name to save his skin.
Presented before the court, after the CBI sought to take him into their custody, Ghosh - arguing for himself - said he should be interrogated face to face with Banerjee and Sen so that his contentions can be corroborated and the truth behind the scam unravelled.
Then, speaking to the media, Ghosh dropped a bombshell.
"If someone has benefited the most, directly and indirectly from the Saradha Media, it is Chief Minister Mamata Banerjee. We should be interrogated together with Sudipta," Ghosh told media persons at the court premises.
Ghosh, in a video shot prior to his arrest in November last year, claimed that the Trinamool top leadership met Sen at Kalimpong in March 2012 on the sidelines of an official tour by the chief minister.
He has repeatedly alleged the complicity of several of his party leaders in the scam.
While state Congress president Adhir Ranjan Chowdhury welcomed the proposal, Trinamool secretary general Partha Chatterjee attacked Ghosh for dragging in Banerjee's name.
"Now that he has realised that he may be subjected to punishment by law anytime for his wrongdoings, he is trying to take the CM's name in a futile attempt to save himself," said Chatterjee, who also castigated a section of media for running a smear campaign against his party and the government.
Chowdhury however said: "We welcome what Ghosh has proposed and the chief minister should accept it. Ghosh can play a catalytic role in unravelling the truth behind the scam. So the CBI should get Mamata, Sen and Ghosh to sit together and interrogate."
Communist Party of India-Marxist MP Mohammad Salim too welcomed the proposal and said Banerjee should come out with whatever she knows about the scam.