In a bowl mix together all the ingredients for the meatballs except oil till just combined. Form them into approximately 18 meatballs.
Heat olive oil in a pan and add the meatballs to the pan. Do not overcrowd the pan and if its not large enough, cook the meatballs in batches. Brown the meatballs on all sides and remove them on a plate.
To start making the sauce, heat olive oil and butter in the same pan and add garlic and onions. Saute for 2-3 minutes and add the flour. Cook the flour for a minute or two to cook it so that it doesn't taste raw. Slowly add the chicken broth and keep whisking continuously till the sauce thickens.
Add the cajun seasoning, paprika, salt, pepper and the meatballs. Simmer the meatballs for 10 minutes till they are cooked through.
Mix in the heavy cream and turn off the flame. Serve hot.