They had fled across the border to Bangladesh amid heavy fighting between the Myanmar military and rebel insurgents in Rakhine
Rupganj police Station OC Moniruzzaman said police and Fire Service launched a rescue operation after the boat capsized in the South Rupsa area around 9:30pm on Friday.
Citing witnesses, the OC said a group of 14 youths hired the boat for a pleasure trip from Dhaka’s Demra.
Nine of them swam ashore, but five remained missing as the boat sank after being struck by a cargo vessel from behind, he said.
Moniruzzaman said three divers of the Demra Fire Service were searching for the missing.
The missing youths have been identified as factory worker Latif, 18, tailor Sharif, 28, shoe trader Tushar, 26, hardware trader Babu, 20, and Jashim, 28.