Fraud projects are done by people whoi targets to con the unaware investors. It is very difficult catch them. So, what punishment they derserve should come only after they are caught.
The person/s responsible for these acts are the entire team who manage the projects or ICO's. The teams which do not take into considerations, the hard work and effort of the investors are the primary reason why there is a decrease of trust of the cryptocurrency users in the projects, it also affects the reliable ones.