Mix all the ingredients for the meatballs (minus the oil) in a bowl and mix well.
Take about 1 tbsp of the meat mixture and roll into a ball. Repeat until you use up all the meat (it will be about 24 meatballs). *TIP*: wet your hands periodically to keep the meat from sticking.
Heat oil in a deep frypan or pot to approximate 350° F.
Gently drop each meatball into the oil. Fry in batches (do not overcrowd( for about 3-4 minutes (or until browned and cooked through).
Transfer to a mesh tray or onto paper towels to drain excess oil.
For the sauce, add all the sauce ingredients (except the cornstarch/water combo) in a small saucepan and heat over medium-high heat.
When it starts boiling, reduce the heat on low and add the cornstarch/water mixture. Mix well until the sauce is thickened. Remove from heat.
Pour sauce over meatballs, toss, and serve!