Roast the cashew nuts and grate it in a mixer. Keep aside. Fry khoya in a heavy bottomed pan till it becomes light brown.
In another pan, dissolve sugar in water and heat to make a thick syrup. Add khoya and grated cashew nuts to the sugar syrup and mix well. Keep aside.
Grease a plate with ghee and spread khoya mix on it evenly. Leave it to set for some time. When set firmly, cut into desired pieces.