Pol Colone Sampan Luangsajjakul from Thonglor Police Station told CNN that the Office of the Attorney-General had decided not to indict Vorayuth Yoovidhya on June 12 and the arrest warrant against him had been revoked.
The case of Vorayuth Yoovidhya or "Boss" drew attention from media all over the world after his Ferrari crashed into policeman on a motorbike on September 3, 2012, leading to his death.
Yoovidhya was charged with drunk driving, negligence causing death and committing a hit and run.
A conviction would have potentially resulted in an imprisonment of over 10 years. He was released on a bail of Bt500,000.
The Yoovidhyas are among Thailand's richest families.