Racket as raincoat's lifted (4)
I believe the answer is:
scam
'racket' is the definition.
(I've seen this before)
'raincoat's lifted' is the wordplay.
'raincoat's' becomes 'macs' (mac is a kind of raincoat).
'lifted' is a reversal indicator (going up in down clue).
'macs' in reverse letter order is 'SCAM'.
'as' is the link.
(Other definitions for scam that I've seen before include "Dubious operation" , "Swindle (Slang)" , "Racket" , "Rip-off" , "Fraudulent action" .)