He has been acquitted of the charge of theft.

Answer: Option B

Acquitted : free (someone) from a criminal charge by a verdict of not guilty.
Punished : inflict a penalty or sanction on (someone) as retribution for an offence, especially a transgression of a legal or moral code.
Convicted : having been declared guilty of a criminal offence by the verdict of a jury or the decision of a judge.
Released : allow or enable to escape from confinement; set free.
Exonerated : (of an official body) absolve (someone) from blame for a fault or wrongdoing.

Antonym of Acquitted is Convicted