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The victims have been identified as Faizan from Hoode, Ibaad, and two of their relatives from Thirthahalli.
The two men from Thirthahalli had reportedly arrived in Hoode the previous day to celebrate the Ramzan festival.
Seven people from Hoode had set out in a boat for Kukkude Kudru on the Swarna River to catch shellfish. However, they were unaware of the water level and the pit caused by sand mining.
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Three bodies have been recovered so far, and a search is underway for the fourth victim.
It is said that the strong winds may have been a precipitating factor in the tragedy.
The Brahmavar police visited the scene of the accident and are investigating.