(Image Credit: AP Photo)

An heir to the Red Bull energy drink fortune was arrested after he fatally hit a policeman with his Ferrari, dragging the officer's body down a Bangkok street early this morning, police said.

Vorayuth Yoovidhya, 27, admitted to investigators that he had been behind the wheel of his Ferrari when he struck the policeman, but claimed the officer had abruptly cut him off, the Associated Press reported.

Oil streaks stretching several blocks led police to a gated estate owned by the Red Bull family, local media reported.

Once a family lawyer was present, police searched the grounds, where they found the damaged Ferrari, which was taken to the Thing Lor police station as evidence, the Bangkok Post reported.

A log book keeping track of the family's vehicles also indicated Yoovidhya had been behind the wheel at the time of the accident, despite the fact a household employee tried to take responsibility, the newspaper reported.

Yoovidhya's lawyer said his client was still in shock and that he was prepared to offer funeral expenses and compensation, the Bangkok Post reported.

The 27-year-old faces charges of causing death by reckless driving and escaping an arrest.

The Yoovidhya family has a net worth of $5.4 billion, according to an August 2012 estimate by Forbes, and is the fourth richest family in Thailand.