It seems like Jews or Christians would have been looking for evidence. I believe the event took place, but finding evidence is another thing. Maybe the Egyptian government or some other government found the evidence and destroyed it. If there was evidence why didn't the major news networks broadcast it? Maybe they hate God.
One of the reasons that Jews and Christians haven't looked for evidence can be found on the maps in the back of millions of bibles.
Usually the maps include Paul's missionary journeys, the Babylon kingdom, and also the path of the exodus.
Usually the exodus is shown as 3 possible routes.
1) Running along the Mediterranean coast.
2) Going to the Red sea and then northwards to Caanan.
3) Can't remember this one...
The point being that along with most theologians, the bible map makers base their ideas on unbelief. They look at the Red Sea, and refuse to believe that God parted those waters. So they relegate the parting of the waters to an area of marsh land near Goshen where the Israelites used to live.
This is further proven by the name given to the current Sinai peninsular, "Sinai".
When God spoke to Moses, he was over the water in Midian (part of Saudi Arabia now).
God said that when they had escaped Egypt, they would worship Him on this mountain. ie. In Midian.
So go grab an atlas (or google it) and check where Midian is. Not in Egyptian, Sinai that's for sure.