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 O

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.