Faiyyaz Multani went missing at around 7 PM on March 8.
"A teacher from the school informed yesterday morning that he has been found inside an empty water tank in the area. The police team rushed to the spot and rescued him," said inspector Raghunath Jadhav.
It was suspected that the boy had consumed 'bhang'-laced milk at a Lord Shiva temple, but it was not yet known how he ended up inside the tank, Jadhav said.
The boy's father said he was recovering from the shock but was otherwise fine. "He told me he was pushed by someone into the tank and he cried for help for three days," he said.
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The boy denied drinking bhang-laced milk, he said.
"It is a miracle for us as that our child was rescued after two days," the father added.
Meanwhile, the municipal corporation has asked the school to submit a report on this matter.