There was a similar case in Japan recently: alt.ai

This company purported to sell AI transcription service. Raised capital from notable local VCs. Did IPO in Oct 2023.

It turned out that more than 90% of its sales were fake. The CXOs were arrested and the company was liquidated last month.

Personally I never get the appeal of going public on fake sales. By design, the amount you need to fake grows bigger and bigger over time. So the collapse is inevitable.

They take home a salary which they pay themselves and is very likely quite hefty.