According to police, Prasad had come to the Anand Regency hotel in Yanam on Sunday and went for jogging on Monday morning.
However, after that he has been untraceable and his phone was switched off, police said.
Since Prasad did not return to the hotel, its manager filed a missing person's report with Yanam police.
Prasad is the chairman of the Anand Regency group of hotels.
Prasad's brothers Manohara and Kiran met East Godavari SP Siva Sankara Reddy today and requested for his assistance in tracking his whereabouts.
Prasad has produced a few films in the south, including 'Shankar Dada MBBS'.
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