Place bread triangles onto a baking sheet and toast in the preheated oven until lightly browned and dry, about 5 minutes per side.
Heat vegetable oil in a large skillet over medium heat. Fry bread triangles, working in batches, until golden brown, 2 to 4 minutes. Remove bread with a slotted spoon and drain on a paper towel-lined plate.
Whisk sugar, water, and cardamom together in a saucepan; cook over medium heat until syrup has reduced slightly, 10 to 15 minutes. Dip bread triangles into syrup until fully soaked and transfer to a plate.
Simmer milk in a heavy-bottomed saucepan over medium-low heat. Transfer soaked bread triangles to the simmering milk; cook over low heat until the milk is absorbed into the bread and the fat separates, 10 to 15 minutes. Stir in raisins. Garnish with almonds and cashews.