The victim, Sidharth Sharma, was the marketing head of a private enterprise, and also pursuing professional degree from an institute here affiliated to Stratford University in US.
"The accused has been identified and he has turned out to be a minor. The minor is the son of the owner of the Mercedes and he will be apprehended soon," DCP (North) Madhur Verma said.
The police have not ruled out that this could be a case of drunken driving but refrained from commenting on the matter prior to medico-legal counselling.
Sharma was flung several feet into the air and landed at least 15 metres away, severely injured. Due to the impact of the accident, a tyre of the car burst and it stopped after a sharp drift on the road.
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However, all occupants of the car fled the scene abandoning the vehicle there. Meanwhile, the police was informed and Sharma was rushed to a hospital where he succumbed to his injuries, a senior official said.
An eyewitness also told police that one of the occupants was held by some persons in the crowd, who later let him go on being convinced that he was not the one driving the car and also that the victim was not dead yet.
The police were also told that two bikers had a narrow escape from the car seconds before it knocked down Sharma.
"We have registered a case under relevant sections of law and are monitoring CCTV footage to ascertain identity of the accused. Statement of eye witnesses have been recorded," DCP (North) Madhur Verma said.
The businessman told police that it was his driver who had last taken out the vehicle, following which the driver was questioned for hours, the official said.
CCTV footage obtained from the area were checked thoroughly and eye-witness accounts were matched with the details.
The official said on further investigation, it turned out that the car was eing driven by the businessman's 17-year-old son, who reportedly did not return home after the incident and the police are looking out for him.
Sharma had earlier worked in a project with Bhabha Atomic Research Centre. He was a resident of Yamuna Road in north Delhi. His body has been sent for postmortem examination.