Step 1: M.I. of one sphere about its own centre:
\[
I_0=\frac25 m a^2.
\]
Step 2: Shift to axis through side using parallel axis theorem.
Two spheres lie at distance \(0\); two at distance \(b\).
Step 3:
\[
I = 4\left(\frac25 ma^2\right) + 2(mb^2)+2(mb^2).
\]
Step 4:
\[
I=\frac{8}{5}ma^2+4mb^2.
\]
Total mass \(M=4m\). Converting:
\[
I=\frac{8}{5}Ma^2+8Mb^2.
\]
Hence option (B).