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In a small bowl, mix together Chat Masala, powdered sugar, paprika, kosher salt, peppermint leaves and cayenne, and set aside. In a large frying pan over medium-high heat, warm the peanut oil. Add peanuts and fry, stirring and tossing until the peanuts brown and begin to crack, about 6 to 7 min.. Strain peanuts in a colander to drain the oil. Transfer to a large bowl, sprinkle in the spice mixture in small quantities and carefully toss. Repeat until all of the spice has been thoroughly mixed onto the peanuts.
Serve warm or at room temperature.