Loot wasted on utensil (4)
I believe the answer is:
tool
'utensil' is the definition.
(I've seen this before)
'loot wasted' is the wordplay.
'wasted' indicates an anagram.
'loot' anagrammed gives 'TOOL'.
'on' is the link.
(Other definitions for tool that I've seen before include "Instrument, implement" , "organ" , "Cat's-paw; impress design on" , "Working instrument" , "Person used by another" .)