Bad money rotated around clubs (6)

I believe the answer is:

rancid

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'bad' is the definition.
(I've seen this before)

I don't understand the rest of the clue.

(Other definitions for rancid that I've seen before include "Smelling or tasting bad" , "(Of fatty foods) gone off" , "Stinking" , "(Of fats) stale" , "Unpleasantly stale" .)

I've seen this clue in The Hindu.

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