Theft of cuckoo shite (5)
I believe the answer is:
heist
'theft' is the definition.
(I know that heist is a type of robbery)
'cuckoo shite' is the wordplay.
'cuckoo' is an anagram indicator (I've seen this in other clues).
'shite' is an anagram of 'HEIST'.
'of' is the link.
(Other definitions for heist that I've seen before include "Armed robbery" , "Armed hold-up (sl.)" , "Robbery, often at gunpoint" , "Audacious robbery" , "bank job in America?" .)