Proceeds with article probing ultimately fraudulent Cambridge college (7)
I believe the answer is:
takings
'proceeds' is the definition.
(synonyms)
'article probing ultimately fraudulent cambridge college' is the wordplay.
'article' becomes 'a' (the indefinite article in English).
'probing' means one lot of letters goes inside another (probe can mean to poke or prod into).
'ultimately' suggests the final letters.
'cambridge college' becomes 'kings' (I've seen this before).
The last letter of 'fraudulent' is 't'.
't'+'kings'='tkings'
'a' put within 'tkings' is 'TAKINGS'.
'with' acts as a link.
(Other definitions for takings that I've seen before include "Cash receipts" , "What's in the till" , "Income from transactions" , "Income from sales, etc" , "Monetary receipts" .)