Barry Tannenbaum's lawyer has confirmed to Eyewitness News the controversial businessman has left his home in Sydney, Australia after receiving death threats.

Tannenbaum and Dean Rees were identified as the alleged masterminds of an elaborate fraud scheme which saw wealthy South Africans losing millions of rand.

Angry investors have been trying to recoup their losses but South Africa does not have an extradition treaty with Australia.

A source, who wishes to remain anonymous, said Tannenbaum suddenly moved from his home in Sydney.

"We saw movers taking furniture away from the house. It was quite sudden and he is no longer there," he said.

Lawyer Darryl Ackerman confirmed Tannenbaum moved to an undisclosed location, saying he wanted to secure the safety of his family and was not fleeing from prosecution.

Finance Minister Pravin Gordhan announced during his medium-term budget speech that arrest warrants were issued in South Africa for Tannenbaum and Rees.

The minister said the pair would be arrested as soon as a process had begun to seek their detention.