Ghoshal was born in a Bengali Brahmin family in Sadarghat, Chittagong of Bengal Province in British India. He was popularly known as Makhanlal. He joined in the freedom movement in student life. Ghoshal took active part in the police armoury raid at Chattagram. After the operation he fled from Chittagong towards Calcutta with another young revolutionary Ananda Gupta. Two senior member of the group, Ganesh Ghosh and Ananta Singh accompanied them in their journey. Police challenged the team in Feni railway station but finally Ghoshal and other succeed to escape after a short encounter. He took Shelter in Calcutta, Mirzapur street and Chandannagar, Hooghly district.[2][3]
Death
Ghoshal remained underground after their escape. Police commissioner Charles Tegart attacked the hideout in Chandannagar, Hooghly on 1 September 1930, and Ghoshal was killed in the ensuing battle.[3][4]