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Foysal Mahmud, additional superintendent of Bogura Sadar Circle, said Mohamamd Rafi, 35, a businessman dealing in machineries, along with Tk 8.5 lakh was heading towards the district town from Sariakandi upazila in the morning.
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When he reached the area, a group of muggers swooped on him while he got down from a CNG run auto-rickshaw in the area.
Later, they sprayed pepper power on his eyes and looted the bag containing money from the victim and managed to flee the spot.
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The victim also fell sick following the incident.
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On information, police went to the spot and arrested a young man suspecting his involvement in the incident.
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