Crossword Genius

Popular criminal dealers welcoming the Queen's conclusions (10)

Ross

I believe the answer is:

inferences

'conclusions' is the definition.

'popular criminal dealers welcoming the queen's' is the wordplay.
'popular' becomes 'in'.
'criminal dealers' becomes 'fences' (traders of stolen goods).
'welcoming' is an insertion indicator (in sense of 'inviting in').
'the queen' becomes 'er' (Elizabeth Regina).
'fences' placed around 'er' is 'ferences'.
'in'+'ferences'='INFERENCES'

I've seen this clue in The Telegraph.
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