Several passengers were rescued and two dozen swam to shore.
Local police chief Tofazzal Hossain said that at least two people had died, but noted eyewitness accounts that estimated 200 people didn't survive the capsizing. He said he expects the number to rise.
Speaking to local media, some rescued passengers described the vessel as overloaded and said the strong current seemed to cause the boat to capsize. There were reportedly no lifeboats on board.