Do you really wish to dismiss him? Under these circumstances, the employee himself would badly want to resign. Is that not sufficient for you? However, this is a fit case for punishment as this involves fraud. My suggestion is that you should also consider lodging an FIR with the Police as this is a criminal offense besides being a grave misconduct under the Company's policies and rules.
In this case, you should still give a charge sheet or show-cause notice and ask him to explain, stating that there is evidence of his cheating the company. After he gives the explanation in writing, then you can evaluate its merits and pass an order of dismissal stating the reason explicitly and clearly and enclosing a copy of the evidence that you have on record. This is a perfect case for maximum punishment.
Your show-cause notice should be very simple, clear, and not vague. It must be precise. Please try it. You will enjoy doing it the right way.