Scams involving university degrees are flourishing in many emerging markets. Using a resume experiment in India, this paper studies the impact of gray degrees , or potentially bought academic credentials from questionable universities, on callback rates to job applications. The experiment varied the type of degree (no, gray, and authentic) in online applications to entry-level jobs that require no university qualification. We find that gray degrees increase callback rates by 42 percent or 8 percentage points relative to having no degree. However, we also document that gray degrees fare on average worse than authentic degrees. These empirical patterns are consistent with a model where employers have beliefs about the authenticity of degrees and are discounting gray-degree universities probabilistically. We discuss our findings with respect to the Indian context.