In a mixing bowl, whisk together the lukewarm milk, egg, and melted butter until smooth.

In a separate bowl, combine flour, sugar, and instant yeast, whisking well to incorporate.

Gradually pour the wet ingredients into the bowl of dry ingredients. Mix until a slightly sticky dough forms.

Transfer the dough to a lightly oiled bowl, cover with a damp cloth, and let rise for 1.5 to 2 hours.

Turn the dough onto a floured surface, roll to about 1/4 inch thickness, and cut out donut shapes.

Heat vegetable oil to 170-180°C (340-360°F) in a heavy-bottomed pot or deep fryer.

Carefully drop the donuts into the hot oil, frying for about 2-3 minutes on each side until golden brown.

In a chilled mixing bowl, beat the heavy whipping cream with sugar until stiff peaks form.

Once the donuts cool slightly, cut each in half, spread condensed milk on one side, and fill with whipped cream.

Dust the exterior of the donuts with powdered sugar for a finishing touch.