For the custard: In a bowl, whisk together the egg yolks and raw sugar. Set aside. Heat a pot over medium heat and add the cream and vanilla seeds. Stir constantly until tiny bubbles form along the edges, about 8 minutes; do not let it boil. Slowly add the hot cream mixture to the egg yolks, 1 tablespoon at a time, mixing and being careful not to cook the eggs. Transfer the mixture back to the pot. Turn the heat down to medium-low. Stir constantly until the custard is thick enough to coat a wooden spoon, about 5 minutes; do not let it boil. Chill in an ice bath and stir for a few minutes until thickened.
For the arancini: Poor the custard into a big bowl and fold in the rice and raisins. Add the cinnamon and nutmeg. Mix. Cover and refrigerate for 30 minutes. Dip hands in bowl of water and roll the chilled rice mixture into small balls about the size of golf balls.
Cover and refrigerate until the rice balls are firm, another 20 minutes.
Fill a large saucepan a little less than halfway with canola oil. Heat to 350 degrees F. Dip the balls in the beaten eggs, coat with breadcrumbs and fry 5 to 6 rice balls at a time until golden and crispy, about 3 minutes.
Drain on a wire rack. For the coating: In a shallow bowl, mix the sugar and cinnamon. Roll the still hot arancini in the coating mixture and serve.