reporting fake volumes doesn't deceit either traders nor the coin owners! fake volumes is just a technique the exchanges use to stay on top of the ranking and attempt at competing with each other.
besides, they all do that. nobody is monitoring them and their reported volumes so they can do whatever they like and there is no damage done so nobody cares.
I read a really good article about exchanges in general. Someone put a lot of effort into that research, compared a lot of exchanges and found their main mistakes. And regarding fake volume, there was a good tip on how to recognize it with volume patterns. If we're looking at the normal distribution or close to normal, most probably it's fake. No peaks - probably fake.