Cheat runs away reportedly (6)

I believe the answer is:

fleece

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'cheat' is the definition.
(fleecing is a kind of cheating)

I don't understand the rest of the clue.

(Other definitions for fleece that I've seen before include "Gull" , "Rob by trickery, say sheep" , "Swindle; sheep's coat" , "Woolly coat of a sheep" , "Rook; animal's coat" .)

I've seen this clue in The Hindu.

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