Heat oil in a deep-fryer or large saucepan to 350 degrees F (175 degrees C).
Fry bread pieces in batches till deep golden brown. Set aside on a plate lined with paper towels to drain.
Stir the water and sugar together in a small pan; bring to a boil. Stir the cardamom into the water, reduce the heat to low, and simmer another 2 to 3 minutes. Dip the fried bread pieces in the liquid for 2 to 3 minutes. Arrange the bread in a single layer in a flat-bottomed serving dish.
Drizzle the cream over the bread pieces, and top with the pistachio nuts. Chill at least 2 hours before serving.
