I've only heard it spoken, though multiple people said it with similar context.
It sounded to me like "ob.sten.shuss.lee" but spell check seems to hate any spelling I put forward.
Context wise it was said to (word) be doing one thing when in reality using it as a cover for another.
Ex: "Alice (word) was going to her friend Beth's house to hang out, but was actually meeting her boyfiend Charlie there for him to take her on a date."