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The accident occurred at Biswanathpur Level Crossing on Tuesday afternoon, said Kashiani police Sub-Inspector Ratan Boiragi.
The dead students are Md Yasin Sharif, 16, a SSC candidate of Joynagar High School in Kashiani, and Md Raihan Ruhin, 15, and Al Amin Khandaker, 15, both 10th graders.
The rescuers sent Md Sohan, 15, the “critically injured” grade-10 student, to the Faridpur Medical College Hospital, police said.
A Rajbari-bound local train from Bhatiapara hit the motorcycle at the level crossing.
The residents of the area took them to the Kashiani Upazila Health Complex where the doctor declared three dead.