Police said the accident happened on January 10 and the accused was arrested the next day but later released on bail.
The hit-and-run incident was captured on CCTV cameras.
"The speeding red-coloured BMW was coming from Kamla Nagar market, when it hit Shiv Nath, 50, who was crossing the road. Shiv Nath was flung several metres into the air," he said, adding that Sahni fled the spot in his car.
Some passerbye later informed police and Shiv Nath was rushed to a hospital where he was declared dead, he added.
"On the basis of the CCTV footage, the accused was later identified as Sahni, a student of Khalsa college, and he was arrested on January 11," the police officer added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)