It is often small details and inconsistencies that reveal that the business model is a fraud. This chapter explains how to investigate a company's business model to uncover potential fraud. It emphasizes the importance of scrutinizing the products or services offered, checking for inconsistencies or exaggerations in company claims, and verifying the existence of necessary patents, trademarks, and permits. The chapter also advises examining customer and employee reviews, as well as online and social media presence, to gauge the company's real-world activity and reputation. Additionally, it highlights red flags such as frequent changes in the business model, overly complex corporate structures, and suspicious related-party transactions. Finally, the chapter discusses how mergers, acquisitions, and inorganic growth strategies can be used to obfuscate fraudulent activities.