In a heavy bottom nonstick pan, combine evaporated and whole milk. Bring to a boil and simmer till the mixture thickens a little bit, stirring occasionally, about 8~10 minutes.
In the meantime, blend the bread slice to make fresh breadcrumbs.
Add the breadcrumbs, condensed milk and cardamom to the milk and simmer for 4~5 minutes. Let it cool, then refrigerate for 3~4 hours before serving. Garnish with chopped nuts and serve with Mawa Malpua.