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The police were alerted at around 5 pm on Tuesday after the woman became untraceable, with her fourth-floor hostel room in Charni Road area locked from outside.
A police team that entered the hostel room found her strangulated to death with a piece of cloth, an official said.
The victim was the student of a government polytechnic college in suburban Bandra, he said.
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During the investigation, it came to light that the hostel’s security guard, who was a suspect in the case, was found dead on the railway tracks near Charni Road station on Tuesday morning, the official said.
Based on a complaint by the student’s cousin and circumstantial evidence, an FIR was registered against the security guard under Indian Penal Code Sections 302 (murder) and 376 (rape), the official said.
A probe was on into the case, he said, adding the post-mortem report was awaited.