Fleecing points, dining out with student (9)

I believe the answer is:

swindling

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'fleecing' is the definition.
Although both the answer and definition are present participle verbs, I cannot see how one could define the other.

'points dining out with student' is the wordplay.
'points' becomes 'sw'.
'out with' indicates anagramming the letters (out can mean wrong or inaccurate).
'student' becomes 'l' (as in L-plates for learner drivers).
'dining' mixed up with 'l' can make 'indling'.
'sw'+'indling'='SWINDLING'

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(Another definition for swindling that I've seen is " Depriving of by deceit".)

I've seen this clue in The Mirror.

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