He now faces charges of causing death by dangerous driving and failing to stop and inform the authorities, which could lead to a 10-year prison sentence and a fine.
Police searched the compound of late Red Bull magnate Chaelo Yoovidhya (who died earlier this year) and found a badly damaged Ferrari.
The case has stoked controversy in Thailand since the nation’s highest ranking policeman has personally taken charge of it, after a more junior officer initially tried to cover up the alleged crime.
Forbes ranked the Yoovidhya family as Thailand’s fourth richest in 2012, with a net worth of $5.4bn that includes shares in Red Bull and a large property portfolio.
