A warrant of arrest has been issued for the mastermind of a recent multibillion-rand Ponzi fraud scam, said Finance Minister Pravin Gordhan on Tuesday.

Over 700 investors have been affected by the scheme and around R12-billion was involved, it has been revealed.

Gordhan spoke strongly about the need to quell corruption and fraud in South Africa.

A warrant for Tannenbaum's former lawyer, Dean Rees, has also been issued.

Tannenbaum has been living in Australia, according to reports, while the assets of Rees had reportedly been frozen.

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