Phony deal (4)
I believe the answer is:
scam
'phony deal' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for scam that I've seen before include "Racket" , "Fraudulent scheme, swindle" , "Fraudulent action" , "Dodgy business" , "A slangy swindle or fraud" .)