It appears the captain of the South Korean ferry that sank off the country's southern coast on Wednesday has now been arrested, after several reports said investigators were looking into the captain's alleged criminal conduct during the ship's sinking.

Lee Joon-seok, 52, was arrested Friday on charges including negligence of duty and violation of maritime law, the state news agency Yonhap reported, according to the BBC.

Arrest warrants were also issued for two other crew members who were onboard the 475 passenger ferry, but their identities have not been released. The news agency said the warrants were issued by a court in Mokpo and that the suspects might go on the run or get rid of evidence, according to ABC News.

A total of 28 passengers have been confirmed dead and 179 were rescued. But 268 passengers are still missing after the ferry sank while en route to the island resort of Jeju. Most of the ferry's passengers, along with most of the missing, are students from Danwon High School in Ansan, near Seoul.

An investigation into the accident, the cause of which is not yet known, has revealed that a junior officer was at the helm when the ferry began to tilt over, the BBC reported.

The captain was first investigated when survivors said he abandoned the ship in a life boat before most of the passengers as it was sinking.

The ferry, which began its voyage from a port in Incheon, sank within two hours after a distress signal was sent out at 9 a.m., local time.

Lee has admitted to regretting his actions that day.

"I am really sorry and deeply ashamed," the captain said during a television appearance. "I don't know what to say."

Rescue efforts are still ongoing but expectations of finding survivors are running low.