rob Peter to pay Paul take something away from one person to pay another, leaving the former at a disadvantage; discharge one debt only to incur another.

☞ This expression probably arose in reference to the saints and apostles Peter and Paul, who are often shown together as equals in Christian art and who therefore may be presumed to be equally deserving of honour and devotion. It is uncertain whether a specific allusion is intended; variants of the phrase include unclothe Peter and clothe Paul and borrow from Peter to pay Paul.

2009Daily Telegraph Mr Levene was also running a 'rob Peter to pay Paul' scam in which the so-called profits were provided by using money from fresh investors.