Even with a cold calculations of utility, fraud has the same effect as defection in the Prisoner's Dilemma, and reality is an IPD not a single round, and the winning strategy for that is tit-for-tat.

Second order effects; good luck raising money once your fraud is exposed.

Second and third order effects that result in living in a society that embraces fraud. If you're able to completely cover it up it's a different story, but that's a very dangerous bet to make.