In general, underwater images suffer from color distortion and low contrast, because light is attenuated and backscattered as it propagates through water (differently depending on wavelength and on the properties of the water body). An existing simple degradation model (similar to atmospheric image "hazing" effects), though helpful, is not sufficient to properly represent the underwater image degradation because there are unaccounted for and non-measurable factors e.g. scattering of light due to turbidity of water, reflective characteristics of turbid medium etc. We propose a deep learning-based architecture to automatically simulate the underwater effects where only a dehazing-like image formation equation is known to the network, and the additional degradation due to the other unknown factors if inferred in a data-driven way. We only use RGB images (because in real-time scenario depth image is not available) to estimate the depth image. For testing, we have proposed (due to the lack of real underwater image datasets) a complex image formation model/equation to manually generate images that resemble real underwater images (used as ground truth). However, only the classical image formation equation (the one used for image dehazing) is informed to the network. This mimics the fact that in a real scenario, the physics are never completely known and only simplified models are known. Thanks to the ground truth, generated by a complex image formation equation, we could successfully perform a qualitative and quantitative evaluation of proposed technique, compared to other purely data driven approaches