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The incident is reported from Doddabeekanahalli village in the Hassan district of Karnataka.
The wife Geetha, and his children seven-year-old Chirantan and five-year-old Nandan have sustained severe burn injuries in the incident and have been admitted to the hospital.
According to police Rangaswamy and Geetha, the married couple were fighting over property and even lodged complaints against each other in Goruru police station limits.
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Despite repeated requests, Geetha flatly refused to allow him to meet his sons. Enraged by this, Rangaswamy collected petrol and torched the house in the middle of the night when his wife was asleep with the kids inside house.
The neighbours, after seeing the house getting torched, came to help the mother and kids. They managed to get them out and saved their lives.
The house is gutted and the police have arrested Rangaswamy.
(With IANS inputs)