Take 500 grams of paneer and crumble it into small pieces. Set aside.
In a heavy-bottomed pan, heat 250 ml of fresh cream on low flame. Stir continuously to avoid burning.
Once the cream starts to thicken, add 200 grams of powdered sugar and mix well. Cook for 2-3 minutes.
Add the crumbled paneer to the cream mixture and mix well. Cook on low flame for 10-12 minutes, stirring continuously until the mixture thickens and starts to leave the sides of the pan.
Add 1/2 teaspoon of cardamom powder and mix well. Turn off the heat and let the mixture cool down to room temperature.
Grease your palms with a little ghee and take a small portion of the cooled mixture. Roll it into a smooth ball to form a ladoo. Repeat with the remaining mixture to make more ladoos.
Optionally, garnish the malai ladoos with chopped pistachios or almonds. Store them in an airtight container and refrigerate.