Suspicious bids created pitfall for old Mediterranean tar (9)

I believe the answer is:

charybdis

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'pitfall for old mediterranean tar' is the definition.
I can't tell whether this definition defines the answer.

'suspicious bids created' is the wordplay.
'suspicious' becomes 'chary' (I can't justify this - if you can you should believe this answer much more).
'created' indicates anagramming the letters (I've seen 'creating' mean this).
'bids' with letters rearranged gives 'bdis'.
'chary'+'bdis'='CHARYBDIS'

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(Other definitions for charybdis that I've seen before include "Mythical whirlpool" , "monster" , "Whirlpool opposite Scylla" , "Scylla's counterpart" , "Whirlpool, across from 14" .)

I've seen this clue in the Sydney Morning Herald.

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