Fraudulent scheme of rascal cut short (4)
I believe the answer is:
scam
'fraudulent scheme' is the definition.
(I've seen this before)
'rascal cut short' is the wordplay.
'rascal' becomes 'scamp' ('scamp' can be a synonym of 'rascal').
'cut short' means to remove the last letter.
'scamp' with its final letter taken away is 'SCAM'.
'of' acts as a link.
(Other definitions for scam that I've seen before include "Hoax" , "Dubious operation" , "Confidence trick, swindle" , "Swindle (sl.)" , "An informal swindle" .)