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The fishermen from Tamil Nadu were 29 nautical miles off Koyilandy when the accident took place.
The body was spotted around 9.30 am on the beach side at Kolavippalam area by a team of fishermen who were searching for Shafi in a small boat.
Due to a lack of regular workers for her husband's boat, Rekha became India's first female deep-sea fisher.
As per reports, the boat ran out of fuel and became stuck on the shore of Koyilandy.
The fishing boat overturned after encountering a fierce current in the estuary.
The Chungathu Muppathu lift bridge, located along the 2.5 km long boat channel that opens from Vembanad Lake to Kottayam has posed a challenge to passenger boat operations over the years.
Although police maintain that no immediate evidence of wrongdoing was found onboard the vessel, the circumstances raised red flags regarding potential maritime security breaches.
The incident occurred at 3:30 am while the boat, owned by Gireesh Thottungal of Puthiyappa, was docked at the yard for repairs.
It was two days ago that the fishermen left Munambam near Azhikode for fishing and became stuck in the sea after the fin of their boat 'Albhutha Matha' suffered damage and water began spilling in.
The cause of the fire, which broke out around 1 am and was doused by 4 am, is yet to be ascertained, according to officials.