schweizer Hold your horses. Claiming fraud might be a stretch.
There's no doubt that Punkt's current offering is inferior to a GrapheneOS'd Pixel, including the pre-MTE generations.
However, Punkt could still legitimately claim to be secure – and, with that, more secure than the majority of mainstream Android phones.
Fraud would be claiming that they're more secure than, for example, GrapheneOS without backing that up with real data.
Even claiming to be "GrapheneOS-based" isn't clear fraud, more of a grey area, if they are, in fact, incorporating GrapheneOS technology of any kind. Whatever the case, they no longer mention GrapheneOS at all nowadays, as others have pointed out.
Legitimate company, no signs of fraudulent business practices. However, objectively inferior product compared to competition. That's not a crime.
Though IANAL. 😛