I know somebody who did something similar for a while. He had some decent family connections so was working as a freelancer on some quite big money contracts.

I know somebody who did something similar for a while. He had some decent family connections so was working as a freelancer on some quite big money contracts. All of work was (unbeknownst to the clients) outsourced to India for $6 an hour whilst billing $60 an hour. It actually worked well until the Indian guy figured he could cut out the middle man.