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Photo: The Canadian Press. All rights reserved.

Vorayuth Yoovidhya, a grandson of late Red Bull founder Chaleo Yoovidhaya, is taken by a plain-clothes police officer for investigation Monday, Sept. 3, 2012 in Bangkok, Thailand.  (AP Photo)

A grandson of the creator of the Red Bull energy drink has been arrested for driving a Ferrari that struck a police officer and dragged his dead body down a Bangkok street in an early-morning hit-and-run, police said Monday.

Police took Vorayuth Yoovidhya, 27, for questioning after tracing oil streaks for several blocks to his family's gated estate in a wealthy neighbourhood of the Thai capital.

He was facing charges of causing death by reckless driving and escaping an arrest by police but was released on a 500,000 baht ($15,900) bail.

Vorayuth admitted he drove the charcoal grey sports car but said the police officer's motorcycle abruptly cut in front of his vehicle, said police Maj. Gen. Anuchai Lekbamroong, the lead investigator in the case.

Bangkok's top police official, Lt. Gen. Comronwit Toopgrajank, said he took charge of the investigation after a lower-ranking policeman initially tried to cover up the crime by turning in a bogus suspect.

Comronwit himself led a team of officers to search the compound of late Red Bull founder Chaleo Yoovidhaya, one of Thailand's wealthiest men before he passed away this year, and confiscated a Ferrari with a badly damaged front bumper and broken windshield.

The victim, Sgt. Maj. Wichean Glanprasert, 47, was killed during a motorcycle patrol before dawn.

Thai media reported that the car dragged the officer and his motorcycle for several dozen meters (feet) as it sped through the residential neighbourhood.

Comronwit said he suspended the police officer who attempted to subvert the investigation.

The Yoovidhaya family was ranked the 4th richest in Thailand this year by Forbes magazine, with a net worth of $5.4 billion. Red Bull creator Chaleo Yoovidhaya died in his 80s in March, leaving his heirs a wide range of businesses, including shares in the globally popular energy drink brand, hospitals and real estate.