The incident occurred at Thondayad in Kozhikode in the early hours on Thursday.
The action was taken on the basis of the report of the KSTP Project Director that the official did not take proper safety precaution.
The dead are: Adarsh and Fadil, who were from Kozhikode, and K Shilpa who was from Thammanam locality in Kochi.
The plus-one students reportedly died on the spot.
Two others with them were also injured and are currently admitted in the taluk hospital at Chicalim in Mormugao.
The minibus, which was transporting fishermen from Tamil Nadu to Beypore in Kozhikode, met with the accident at 1am on Tuesday.
All the occupants in the vehicles are safe. The CM's car was way ahead of the vehicles involved in the accident.
The condition of at least one another person is believed to be critical.
Two men were rushed to the government medical college in Kottayam, while the others were admitted to nearby hospitals.
The accident occurred about 12.30 am on the service road beside the flyover at Electronic City in Anekal taluk.