Process the desiccated coconut into the food processor or a blender until finely ground. Set it aside.
Take the chopped chocolate or chocolate chips in a heatproof bowl or saucepan. Melt the chocolate using a double boiler method.
Make sure to stir the chocolate continuously until melted. Also, make sure that water does not contact chocolate while using the double boiler method.
Instead of a double boiler, you can melt the chocolate in the microwave. Set the melted chocolate aside.
Add ground coconut into the pan, and heat the pan on low flame. Roast the coconut for 2-3 minutes on low heat, stirring continuously. The coconut should not change its color.
Then add condensed milk, mix well and cook for a couple of minutes, stirring continuously. Soon the coconut will absorb the condensed milk.
Add melted chocolate, mix well and cook until the mixture leaves the sides of the pan and comes together in a clump. It will take only a minute or two.
Turn off the heat and transfer the mixture into a bowl or plate. Do not let the mixture cool completely; otherwise, it will be hard to roll in the balls. So when the mixture is still slightly warm, roll into truffle-like balls.
If you like, roll the balls into the desiccated coconut. Instead of coconut, you can also coat the balls with cocoa powder, sprinkles, or finely chopped nuts.