The woman made purchases worth over Rs 35,000 with the stolen card.
The police have registered a case against a woman for illegally entering the girls' hostel of the Shri Ram College of Commerce in New Delhi and stealing cash and a debit card, which she used to make purchases worth over Rs 35,000, an official said on Monday.
The woman has not been identified by guards or college officials.
The incident took place on September 12, police said, adding that the college filed a complaint only on Monday.
SRCC principal Simrit Kaur said an internal committee has been formed to look into the matter and security has also been strengthened.
"Police have registered an FIR. College authorities learnt about the incident on Saturday and immediately the committee was formed. The guards, under whose watch the incident happened, have been suspended," she added.
The woman, an outsider, entered the hostel and took away the debit card of a student and stole Rs 1,000, the police said. She made purchases worth over Rs 35,000 at a shop in Kamla Market.
The police said they will speak to owner of the shop where the card was used to identify the accused, officials said.
"It might have been possible that the woman sneaked in. When she entered the girls' hostel, the guard was sleeping. When the she came out, the guard did not chase her or raise an alarm," a student said.