Mash rice grains, and cool to lukewarm. Dissolve yeast in warm water, and stir into rice. Cover, and let rise overnight in a warm place (85°), free from drafts.
Add eggs, flour, sugar, salt, and nutmeg to rice mixture, beating until smooth. Cover, and let stand in a warm place (85°) for 30 minutes.
Heat 3 inches of oil to 360°; drop dough by tablespoonfuls into hot oil. Cook about 3 minutes or until golden brown. Drain; sprinkle with powdered sugar. Serve immediately.