What does the cryptic crossword clue "In debt over big deal abandoned by a phoney (7)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

In debt over big deal abandoned by a phoney (7)

Times Sunday #5128 | 7 Down | 2024-09-08

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