Boil the milk and let it simmer till it thickens. In a bowl, take the cocoa powder, slowly add some milk to get a lump less liquid. Then add this cocoa milk to the boiling pan. Add sugar to the milk, check for sweetness.
Continue to cook till the milk is quite thick and on cooling it becomes thick sauce.
In a bowl that you can use a hand blender, take the chocolate sauce, add the condensed milk. At first speed run it for couple of times. Finally add the whipped cream, fold it into the base
Transfer to a aluminum bowl, so that it sets faster. After 1 hour of setting, remove and whip it again using the blender. Continue doing this for 3 -4 times about every 1 hour or so. Finally put it back to set for over 4 -5 hours depending on your freezer.
Once it is set, scoop out the chocolate ice cream and serve topped with chocolate chips.