1906 (n.); 1915 (v.), U.S. underworld slang, perhaps a corruption of graft (n.2).
Entries linking to grift
graft n.2
"corruption," 1865, perhaps 1859, American English, perhaps from British slang graft "one's occupation" (1853), which is perhaps from the identical word meaning "a ditch, moat," literally "a digging" (1640s), from Middle Dutch graft, from graven "to dig" (see grave (v.)).
grifter n.
"confidence trickster," 1906, carnival and circus slang, probably an alteration of grafter (see graft (n.2); also compare grift). Gradually extended to "any non-violent criminal."