In a large pot, heat butter over low heat. Add rice and stir for 2-3 minutes.
Pour milk into the rice mixture. Add cream and sugar; stir thoroughly. Bring to a boil; reduce heat and allow to simmer over low heat, stirring frequently, for about 20 minutes, or until the rice has softened.
Add cardamom, coconut, raisins, and cashews; stir well. Cook for additional 15 minutes, or until the rice is cooked soft and the mixture has thickened to consistency of your liking.
Chill the pudding overnight in refrigerator. Garnish with handful of toasted cashews.