The correct option is B let
Phrasal verbs are phrases, formed with a verb and a preposition or an adverb. The meaning thus formed is different from its literal meaning.
Option B: 'Let' forms a phrasal verb 'let off' when placed in the sentence. The phrase means 'to fail to punish someone'. It completes the meaning of the sentence, as: "The young boy was let off (they didn't punish him this time) with a strong warning..."
Hence option B is correct.
'Called off' means 'to cancel something', 'to decide that something is not to happen'. It does not provide a suitable meaning to the sentence (that the young boy was cancelled).
'Set off' means 'to begin a journey'. The meaning does not apply to the boy in this context.
'Send off' means 'to arrange for someone to go somewhere'. This phrase, too, does not give the appropriate meaning.
Hence options A, C and D are incorrect.