The National Prosecuting Authority (NPA) has started proceedings to extradite alleged fraudster Barry Tannenbaum and his former lawyer, Dean Reese, Business Day reported on Wednesday.

"Investigators are uncovering information on Tannenbaum and Reese on a daily basis," said SA Revenue Service spokesperson Adrian Lackay.

Warrants of arrest have been issued for Reese and Tannenbaum, accused of being the mastermind of a R12.5-billion Ponzi scheme fraud, said Directorate for Priority Crime Investigations spokesperson Musa Zondi.

Their names would be circulated to police authorities world-wide via Interpol.

The pair is expected to be charged with racketeering, money laundering and fraud.

Tannenbaum is currently in Australia while it is not known where Reese is.

Tannenbaum's scheme is said to involve 794 "investors" ? including former Pick n' Pay CEO Sean Summers ? and transactions worth R12.5-billion.