"The body was identified with the help of staffers of Anand Regency hotel where Prasad had checked in on Sunday," said Mumdivaram circle inspector Mohammed Ali.
Prasad was chairman of the Anand Regency group of hotels.
According to police, Prasad went missing on Monday morning after he stepped out for jogging, clad in a track suit.
Since Prasad did not return to the hotel, its manager filed a missing person complaint with police whose efforts to find him got delayed as his mobile phone was switched off.
Police said Prasad's body was sent for post mortem and the cause of his death was being investigated.