Set the Instant pot on saute mode and add ghee into it.
Heat ghee for a minute and add bay leaves, crushed cinnamon, green and black cardamoms, cloves and saute for 10 to 20 seconds.
Add the chopped Onion and saute for 5 minutes until soft and turns light brown.
Next add the ginger-garlic paste and saute for another minute or until the raw smell disappears.
Add the tomatoes and continue sauteing for 2 more minutes until soft and mushy.
Now add the chilli powder, turmeric powder, cumin powder, coriander powder, biryani masala, yogurt and salt and sugar (if using) along with 2 tbsps of water and mix everything well. Saute for 1-2 minutes.
Now toss in the marinated prawns and green chillies and mix it well with the masala. Cook for 2 minutes stirring constantly until the prawns don't look raw anymore.
Now add the washed and drained rice and stir everything well, so that teach and every rice grain is coated with the masala. At this point you can add a little raisins if you wish to. It's totally optional.
Add 4 cups of hot water and stir. Do a taste test and add salt if required.
Now press Cancel to turn off the SAUTÉ mode and close the lid of the Instant Pot. Set it on PRESSURE COOK on the low pressure mode setting manually for 5 minutes.When the cooking time is complete, let it naturally release the pressure for 10-15 minutes. Once the pressure settles down, open the lid.
Serve it hot with yogurt and some salad.