The youth's scooter was also found nearby, they said.
Police suspect it to be a case of suicide, but no suicide-note has been found and the reason behind the death is yet to be ascertained.
Siddharth Soni had left for college on Thursday morning. When he did not return, his father lodged a missing report at Borekheda police station in the evening, ASI at Udhyognagar police station Sanjay Verma said.
Most likely, the youth committed suicide by jumping into the canal, he said, adding the body has been was handed over to the family members after post-mortem.