rort

Etymology
Probably a. Originally slang but now in common usage.

Noun

 * 1)  A scam or fraud, especially involving the misappropriation of public money or resources.
 * 2) * 2008, Australian House of Representatives, Parliamentary Debates (Hansard), |%22rorts%22+-intitle:%22%22+-inauthor:%22%22&dq=%22rort%22|%22rorts%22+-intitle:%22%22+-inauthor:%22%22&source=bl&ots=VgKGzDzB-b&sig=bScu1_LoHcP0kjf8pwTqmc2iH1A&hl=en&sa=X&ei=l9cTUNTeI6uuiQfQi4G4Dg&redir_esc=y page 4067,
 * Not all of the projects were bad or rorts; the majority were no doubt valuable to their communities.

Verb

 * 1)  To cheat or defraud.