Correct Answer: Sourabh exclaimed with sorrow that they had been cheated.

Solution : The third option is correct.

When we convert direct speech to indirect speech, we generally change the tense, pronouns, and some words to make it grammatically correct in the reported speech.

In indirect speech, the present perfect tense have been cheated is changed to the past perfect tense had been cheated to reflect that the event occurred before the time of reporting. Additionally, the exclamation "Alas!" is replaced with an expression indicating regret or sorrow. The sentence structure is also modified to fit into a reporting structure.

Therefore, the indirect statement would be: Sourabh exclaimed with regret that they had been cheated.