To cut off; to take away or deduct a part of (money, rents, income, etc.).
To embezzle (funds) or engage in embezzlement.
To appropriate wrongly:
Find another word for malversate. In this page you can discover 4 synonyms, antonyms, idiomatic expressions, and related words for malversate, like: embezzle, defalcate, peculate and misappropriate.