Made off with bag -- loot! (7)

I believe the answer is:

ransack

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'loot' is the definition.
(I know that loot can be written as ransack)

'made off with bag' is the wordplay.
'made off with' becomes 'ran' (I can't explain this - if you can you should give a lot more credence to this answer).
'bag' becomes 'sack' (both can mean a container).
'ran'+'sack'='RANSACK'

Can you help me to learn more?

(Other definitions for ransack that I've seen before include "Search (a place) thoroughly" , "Plunder; search ruthlessly" , "Plunder - rummage" , "Rummage, rifle" , "Plunder or turn upside down in search" .)

I've seen this clue in The Telegraph.

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