The deceased have been identified as Moni (26) and Nidhi (19), both residents of Rohini area, police said, adding, Moni was married with three children.
Nidhi had a motorbike, which was found parked at the bank of the canal, a few metres away from where their bodies were fished out.
Police said local residents questioned in connection with the incident told them that they suspected the two of them were "in a relationship" which their families were "not happy about".
He further said relatives of both the victims were questioned but so far no specific reason could be ascertained to corroborate the suicide angle.
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The duo died of drowning on April 19 but no suicide note was recovered by police, a senior official said, adding, an accidental drowning cannot be ruled out.
"From preliminary investigation, it seems that there is no foul play. An inquest has been initiated into the matter," DCP (Outer) Vikramjit Singh said.