Combine all ingredients for the sauce in a small bowl; cover and set aside.
Combine beaten egg with milk in shallow bowl; set aside.
Combine flour, panko, salt, black pepper, onion powder, garlic powder, and basil in another shallow bowl; set aside.
Bread the shrimp by first coating each with the breading mixture. Dip breaded shrimp into the egg and milk mixture, and then back into the breading. Arrange the coated shrimp on a plate and pop them into the fridge for at least 20 minutes. This step will help the breading to stick on the shrimp when they are frying.
Heat oil in deep fryer to 350 degrees F. Use amount of oil required by your fryer.
When oil is hot, fry shrimp 2 to 3 minutes or until golden brown. Drain on rack or paper towels.
When all shrimp has been fried, drop the shrimp into a large bowl. Spoon about ¼ cup of sauce over shrimp and stir gently to coat.