He is the elder brother of Yoo Byung-eun, 73, who is believed to own Chonghaejin Marine Co., the operator of the ferry Sewol that sank off the southwest coast on April 16 and left more than 300 dead or missing.   

The elder Yoo received some 2.5 million won (US$2,450) per month from Chonghaejin Marine as consulting fees for the past few years, officers said.

Police said they will soon hand over the elder Yoo to the Incheon District Prosecutors' Office in the western port city of Incheon, where he will undergo questioning over suspected embezzlement. 

On Friday, a team of police and prosecutors searched the religious compound for the third day in a row with no apparent leads as to the whereabouts of the fugitive ferry owner. 

The compound, nestled between mountains in Anseong, is considered the headquarters of the church, of which Yoo Byung-eun is known as a member.

Authorities have been conducting a massive manhunt for the younger Yoo and his family for weeks, offering a 500 million won

(US$489,000) bounty for information leading to his capture and 100 million won for his eldest son, Dae-kyun. (Yonhap)