Takes control of elevated knaves (9)

I believe the answer is:

highjacks

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'takes control' is the definition.
Although both the answer and definition are verbs in their -s form, I can't see how they can define each other.

'elevated knaves' is the wordplay.
'elevated' becomes 'high' (I've seen this before).
'knaves' becomes 'jacks' ('jack' can be a synonym of 'knave').
'high'+'jacks'='HIGHJACKS'

'of' acts as a link.

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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