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The accused had claimed the youth had jumped into the Kadaloor River and drowned.
The incident happened in a pond at Panniyottu at Eachur village.
Four youngsters had gone to the beach for a swim on Sunday evening.
Spaniard Fuentes, a four-time Olympic medallist in synchronised swimming, jumped into the pool after she saw Alvarez sink to the bottom at the end of her solo free final routine.
Aditya rescued Sabarinath (13), a Class-9 student from Aaramala, from drowning in the temple pond near Thrikkodithanam on the outkirts of Changanassery town in Kottayam district, around 5 pm on Sunday.
Police said the girls, hailing from Kuchipalayam and Ayan Kurunjipadi villages, had waded into the waters to take bath.
The teenagers were swimming with four other friends when tragedy occurred.
Aneesh, who had returned home from work in his canoe, was later found dead.
The accident took place off Thonikkadavu near Kundamkuzhi.
It is understood that the boys were swimming in a pond that is used for prawn farming at Orumanayur.