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I think that refer's to the old find the lady trick used to con the unwary in the street. To cut a long story short, towards the main sting a stooge will find the lady and seemingly win. Whiile the dealer is not looking he'll turn up the corner making sure the "mark" sees it, then give it back to the dealer. The next deal the mark thinking he is on a sure fire wiinner bets heavily on the card with the up turned corner. However the dealer through slight of hand has flattened out the original corner and up turned a corner on a "non lady" card. Thus the mark is stung, the up turned corner being the "lie".
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