I was about to edit it to Emirati shortly afterwards, but decided not to because the point was still clear and it's not very relevant. It could be PSG tomorrow.
They aren't accused of lying about the origin of the funding. They are accused of funding the club through sponsor deals. This isn't illegal, although it's clearly cheating UEFA's rules.
But UEFA's rules and punishment won't hold on CAS level. Football, to them, is like any other industry. You can't suspend a company for utilizing their spending power.
They are actually accused of hiding the origin of the funds. Because within FFP rules there is a restrication on how much an owner can directly inject into the club, City decided to deceive the UEFA by using inflated sponsorship deals that would be funded by the owner. This is fraudulent even outside of FFP's scope. As for the second part, it's totally wrong, UEFA competitions are invitation based they can suspend whoever they want and they have already done it, fraud is also illegal in all industries.
The only question here is whether the UEFA can prove it.