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The victim Md Robiul, a madrasa student, was hit by the bus on Friday as he tried to cross the street by sneaking through the barbed wire fence dividing the road.
The fence had been put in place to compel pedestrians to use the underpass nearby.
Dhaka Medical College and Hospital Police Camp Sub-Inspector Bachchu Mia said relatives took Robiul to the hospital around 3pm but the doctors declared him dead.
Robiul lived in the area behind Bashundhara City shopping complex.
Police seized the bus but the driver fled the scene.