The incident was reportedly filmed and uploaded to YouTube earlier this year.
ADVERTISEMENTGerman prosecutors are investigating a Czech millionaire for allegedly driving along an autobahn at up to 417 km/h.
Radim Passer is accused of holding an illegal motor race on the A2 motorway between Berlin and Hannover in July 2021.
The driver of the Bugatti Chiron vehicle had recorded the incident and posted a clip on YouTube earlier this year, generating widespread criticism in Germany.
The 58-year-old millionaire drove "at an inappropriate speed, disregarding traffic rules and in a reckless manner in order to reach the maximum possible speed," prosecutors said.
The man faces a two-year prison sentence or a significant fine if convicted.
Passer's company develops multifunctional houses in Prague, and he is reportedly worth €246 million.
The public prosecutor's office in Stendal, in the state of Saxony-Anhalt, said on Monday that it could charge the millionaire later this week.
German Transport Minister Volker Wissing has slammed the driver's attitude, noting that while Germany has no speed limit, vehicles should always be "under control".