Heat 1 tbsp ghee in a pan and roast the makhana on low flame until they turn crisp. Remove and keep aside.
In the same pan, lightly fry almonds and cashews until golden, then set aside.
Grind the soaked cashews, khus-khus and black pepper into a smooth paste using a little milk or water.
Heat 2 tbsp ghee in a kadhai (wok) and add cumin seeds/powder, cloves, cardamom, and bay leaf.
Add the prepared cashew–khus-khus paste and sauté on medium flame until the ghee begins to separate.
Gradually add ½–¾ cup of warm water or milk, stirring to form a smooth gravy.
Add salt, sugar, and garam masala, and cook for 4–5 minutes.
Add the roasted makhana, fried cashews, almonds, and raisins, then simmer for 2–3 minutes to let the flavors blend.
Stir in fresh cream, mix gently, and switch off the flame.
Garnish with slivered almonds or saffron strands if desired, and serve hot with naan, roti, phulka, or rice!