Mix together milk, condensed milk, sugar and saffron in a pot and bring it to a boil on high flame. When bubbles, lower and the flame yet still bubbling and let it cook until the mixture thickens and is reduced. Stir occasionally to prevent it from sticking to the bottom of the pot.

Now add the khoya and elaichi powder, mix well and turn off the flame. Let it cool at room temperature.

While the mixture is cooling, take the bread slices and using a round cutter, cut big circles out of each.

Heat ghee in a pan and shallow fry the slices till nice golden and crispy.

Assemble the fried bread in the serving dish in layers and then pour the milk mixture over them evenly. Decorate with crushed nuts.
Serve hot or cold as you like.