I do not know how big or how small your organization is, and whether it has well-documented service conditions, service rules, or standing orders specifically dealing with disciplinary issues. Notwithstanding that, it is not safe to terminate an employee summarily by a stroke of a pen for theft, as such terminations are termed punitive when an employee raises a dispute. It is advisable to follow the procedure suggested by Mr. B.C. Arya.
Regards,
B. Saikumar
HR & Labor Law Advisor