Place milk over flame for heating. When milk starts simmering, then turn off the flame and add lemon juice. When milk coagulates completely, pour the chena over a clean muslin cloth. Press gently and squeeze out the excess water. Pour cold water over the chena and then squeeze out the water.
Take chena in a separate plate and mash until smooth. Add corn flour, yellow food color and keep kneading until smooth. Make small dough balls from the chena and place them over a plate.
Prepare sugar syrup: Take sugar and 2 cup water in a pressure cooker and place it over a flame. Cook until sugar dissolves completely. Add saffron threads in the water and cook until it simmers. Place chenna balls in the simmering sugar syrup. Close the pressure cooker with lid and cook until it simmers once. After one simmer, reduce the flame and cook on low flame for 8 to 10 minutes.
Turn off the flame and take out the rasgullas. Let the rasgullas soak in the sugar syrup for 2 to 3 hours and after this strain with help of a sieve so that excess sugar syrup drains completely.
Grate the paneer and place it in a wok. Stir constantly and roast. When paneer get dry and turns little brown in color, turn off the flame. Take out roasted paneer in a plate. Add powdered sugar in grated mawa and mix really well.
Make balls from mawa (equal to the size of ladoo). Take one mawa ball and flatten it very gently. Now place one rasgullas in it and lift the mawa from all sides and roll back giving it a round shape. Coat this ball with roasted paneer. Place these scrumptious Raskadam in refrigerator for 1 hour prior to serving.