Jogendranagar committee member of the CPI-M in Agartala, Samar Acharjee, a contractor by profession, was shown lying on bundles of currency notes on television footage.
Acharjee was heard in the footage saying "I have withdrawn 20 lakhs from my bank account and fulfilled my long cherished dream of sleeping on a bed of money."
But more damagingly, the CPI-M leader said in the telecast last Thursday "I am not a hypocrite like other party members who depict themselves as proletariat, yet have a huge amount of money."
CPI-M state secretary Bijan Dhar told PTI on Saturday "Preliminary investigation by the party shows that Acharjee himself took the footage on his own mobile phone which was leaked to a television channel by his friend."
Dhar said, the Agartala sadar divisional committee of the party has completed investigation and the matter would be discussed at a meeting which would suggest action against Acharjee.
He said, "We do not support this kind of immoral work. It seems the highest possible penal measures will be initiated against him."
Seizing on the opportunity, a senior member of the opposition Congress Ratan Lal Nath demanded an inquiry into the movable and immovable assets of Marxist leaders and ministers.
"This incident shows that the party is corrupt and its leaders made a huge amount of money by misusing public funds."
SPECIAL: Is Haldia Mamata's Nano moment?
Muslim leader to Cong: Don't create scare over Modi
Bihar govt to approach SC against massacre case acquittals
Bihar Dalits massacre acquittal: 'Who killed my family then?'
Patna HC court acquits 26 in Laxmanpur-Bathe massacre case