The 24-year-old, who represented India at the 2012 London Olympics and the Rio Games four years later was also named in the squad to compete at next month's Commonwealth Games in Gold Coast, Australia.
Ghosh has denied the allegations.
The Table Tennis Federation of India (TTFI) said in a statement on Friday that it had placed Ghosh under provisional suspension, pending the final outcome of a police investigation and court verdict, if any.
"The Executive Board of the TTFI, taking cognizance of the media reports and the FIR (first information report) filed against Soumyajit Ghosh, has unanimously decided to suspend the player and restrain him from participation in all tournaments until further orders," the body said.
"The EB members felt that the charges levelled against Ghosh are of grievous nature and they warranted placing him under provisional suspension immediately."
The statement added that Ghosh would not be able to participate in any tournament, national or international and had also been issued a show cause notice to explain his stand on the allegations.
"I am in touch with my lawyer and will decide the course of action," Ghosh told the Hindu newspaper.
(Reporting by Sudipto Ganguly; Editing by John O'Brien)
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