Be consumed in chimney erected for tycoon (5)
I believe the answer is:
Here is my best explanation:
'tycoon' is the definition.
(I've seen this before)
'be consumed in chimney erected' is the wordplay.
'be' becomes 'go' (going is a kind of being).
'consumed in' indicates putting letters inside.
'chimney' becomes 'lum' (I've seen this in other clues).
'erected' shows that the letters should be reversed in order.
'go' put into 'lum' is 'lugom'.
'lugom' back-to-front is 'MOGUL'.
'for' acts as a link.