Heat oil in a deep-fryer or other pot to 350 °F (180 °C), making sure that the pot is large enough that the oil doesn't fill it more than halfway.
Combine teriyaki glaze, soy sauce and sugar in a medium bowl. Set aside.
Cut bacon strips in half lengthwise.
Wrap each scallop with one of these half strips of bacon, and secure by skewering with a wooden toothpick.
Working in batches so as not to crowd the fryer, fry the scallops until golden brown, about 4 minutes.
Remove from oil, drain briefly and toss in the soy-teriyaki sauce.
Serve immediately.