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Wash the Hilsa chunks, and rub some turmeric powder and salt into the fish chunks, and leave for 15 minutes.
Make a paste of two onions and thinly slice one.
Soak cashew nuts in hot water for 10 minutes, and make a smooth paste of the nuts after that.
Thinly slice one onion to make Piaj Beresta or Onion crisp.
Heat the Oil in a wok and fry the sliced onion till they turn golden brown and crispy.
Lightly fry Ilish Maach in the remaining oil ( hardly 30-45 seconds on each side) and strain from the oil.
Temper the Oil with Whole Cinamon, Bay Leaf, Green Cardamom, and Red Chili.
Add sliced onion and fry.
Now add Onion paste and cook on a medium flame till the onion turns brown.
Add Ginger and Garlic Paste along with 2-3 green chili (cut into halves) and cook till the mixture leaves the edges of the pan.
Add a little water (1 tsp) if the mixture is drying out.
Now add curd and mix thoroughly. Cook on a medium flame until the oil separates from the mixture.
Add Salt and Sugar to the mixture and mix.
Add Cashewnut paste and whole Raisin and cook till the nutty aroma goes completely from the mixture.
At this point, add milk along with 2 cups of water and bring it to a boil.
Add fried Hilsa chunks and cook for 5-7 minutes or till the gravy thickens and oil separates from the mixture.
Add Ghee, Garam Masala powder, and Fried Onion (Beresta) and mix.
Serve Ilish Macher Korma with steamed rice.