A local fire service official reported that an explosion occurred on Tuesday in a crowded market area of Bangladesh's capital Dhaka, resulting in at least 17 deaths and more than 100 injuries.

The blast took place in a seven-story building, causing significant damage to two floors.

"Sixteen bodies have been found (so far), but the toll could rise as the rescue operation is underway," said a fire service official. One person succumbed to his injuries at the hospital, raising the toll to 17.

"Most of the deaths were caused by brain hemorrhage," Health Minister Zahid Maleque said.

"There were several shops selling sanitary ware and household goods. A bus standing on the opposite side of the building was also damaged in the blast," according to fire service official Dinomoni Sharma.

The reason behind the explosion is unknown, but esidents of the area believed that the explosion could have been caused by the presence of chemicals that were being unlawfully kept in the office and business complex.

The death toll may rise as rescue operations continue. 

On Sunday, three people were killed in a suspected gas explosion in Dhaka, while on Saturday, an explosion at an oxygen plant in southeastern Bangladesh caused a fire resulting in seven deaths and several injuries.