Seoul , South Korea ( CNN ) -- South Korea 's most wanted man , who is believed to have ties to the company that operated the ill-fated Sewol ferry , has eluded arrest for weeks , leaving authorities red-faced for not finding the high-profile billionaire . The Sewol ferry sank on April 16 , killing 288 people on board . Through an investment vehicle and subsidiary , Yoo Byung Eun , 73 , and his two sons are believed to have controlled the shipping company that operated the ferry , according to the semi-official Yonhap news agency . In late April , Yoo 's representatives sent a statement denying that he had any direct or indirect connection to Chonghaejin Marine Company . Yoo is wanted for questioning in connection with an investigation into alleged funds embezzlement , tax evasion and other irregularities that prosecutors say could have contributed to the sinking . A South Korean court has issued a warrant for Yoo 's arrest . Investigators are looking into why the ferry capsized , including factors such as imbalance of weight on the ship , overloaded and improperly secured cargo , and actions by the company and crew . What went wrong on Sewol . The Incheon District prosecutor 's office said on Tuesday : `` The ones who are most directly responsible for the accident are officials with Cheonghaejin ... Our prosecutor 's office is currently investigating Yoo Byung Eun , who is standing at the very top of it . '' Yoo has defied summons to report to the prosecutor 's office , and gone into hiding . The prosecutor 's office has come under public criticism for waiting for Yoo to appear of his own volition , which some say gave him plenty of time to flee . Searching for Yoo . Yoo is known as the `` millionaire without a face '' because of his reluctance to appear in public . Yoo has four sons and daughters , three of their whereabouts are unknown . Four members of the religious group his father-in-law founded have been arrested , accused of aiding Yoo . South Korea 's Justice Department said it requested its French counterparts to make the `` provisional arrest '' of his daughter . The younger Yoo has been detained by French authorities in connection with the Sewol investigation , said Magalie Josse , Paris court spokeswoman . French authorities will determine whether to extradite the younger Yoo , according to the South Korea 's Ministry of Justice . South Korean President Park Geun-hye lashed out against the Yoo family this week . `` The Yoo Byung Eun family , who is the fundamental cause of this tragedy , is mocking the law and causing public rage instead of coming in front of the people to apologize and tell the truth , '' she said on Tuesday . `` Such an act by Yoo 's family is a challenge to our society and an act of crime that can not be protected . '' This week , the reward for information for the capture of Yoo was raised to nearly $ 500,000 and about $ 100,000 for his eldest son . South Korean media showed pictures of possible disguises for Yoo and his appearance throughout the years . Yoo 's religious group . Yoo is a religious figure of Gu Won Pa ( which translates to `` salvation group '' ) , also known as the Evangelical Baptist Church . Some members of the group have protested in front of the prosecutor 's office in what they consider religious persecution . Last week , nearly a hundred members of the religious group stood outside its mountain compound as investigators arrived to search for Yoo . The supporters said the church had nothing to do with the allegations and likened the case to religious persecution , according to Yonhap . Investigators have also started looking into the practices of the group . `` We are also in cooperation with nationwide police forces closely investigating buildings and lands related to Gu Won Pa , '' said an official from the prosecutor 's office . `` We are also not ruling out that he ( Yoo ) was smuggled out of the country and hence , we are collecting intelligence concentrated on ports . '' Yoo 's history . Yoo has had brushes with the law . He was convicted on fraud charges in the 1990s and spent four years in prison , according to South Korean media reports . In 1987 , he was under investigation after more than 30 people from a religious group were found dead , bound and gagged in a factory outside of Seoul . Officials investigated the incident as a mass murder-suicide , and also looked into whether Yoo had any connection to the event , but determined he was n't involved . Yoo is also known to have an artistic alter ego -- Ahae -- a photographer who has won international acclaim . His website appears to show Yoo taking pictures , but his face is not visible . According the website bio , Ahae was born in 1941 in Japan , where his family was during Japanese colonial rule of Korea . On April 25 , a lengthy statement from his representative was released sending condolences to the victims of the Sewol accident and condemning what it called an `` undeserved attack against AHAE , his character and his credentials as an artist . '' Meanwhile , off the southwestern coast of Korea , search operations continue around the sunken ferry as 16 people remain missing . Journalist Francesca Humi contributed to this report from Paris .
73-year-old millionaire eludes capture , despite Yonhap manhunt . Yoo wanted for his ties to Yoo ferry operation . His representative has denied Sewol had any connection to company . Japanese president denounces family for `` mocking the law ''