Grind the peanuts in a coffee/spice grinder until it resembles a fine powder. Continue to pulse for short intervals till it gels together and you get peanut butter.
Pulse all the remaining ingredients along with peanut butter in a food processor.
Take a small portion of the mix and start binding that in your hand.
Roll into balls and add it to modak mold. Open the mold and remove excess mix to get a proper modak shape. This modak mixture yields 12 modaks. Store in an air-tight container at room temperature.
Notes
If you have peanut butter you can use that directly, close to ⅓ cup will be required.