[hnbad]

In that case an anonymous report will not work to their favor: they should talk to a lawyer, get out ASAP and then consider their next steps carefully.

This entire post hinges on OP's correct interpretation that their employer is engaging in fraud against investors. This isn't as straightforward as defrauding customers because it's easier to judge fraud in sales because you probably don't know the exact terms agreed to as part of that investment. It's entirely possible the VCs are in on it or will try to kill the messenger rather than admit they didn't see the fraud.