A foreign national accused of possessing hundreds of thousands of dollars worth of criminal proceeds in his hotel safe was bailed in Magistrates’ Court this morning.

Yeshayahu Baruch Zirkind, 25, was charged with knowingly possessing $826,000 in cash, which represented, wholly or partially, directly or indirectly, the proceeds of criminal conduct on March 12.

Deputy Director of Public Prosecutions Cindy Clarke told the court that the money, the majority of which was in Bermudian currency, was seized from a safe in the Fairmont Southampton along with several cell phones.

Ms Clarke added that Mr Zirkind, who is of Israeli-American descent but resides in the People’s Republic of China, arrived in Bermuda a week before his arrest.

Mr Zirkind was not required to enter a plea because the charge is indictable and will be tried in Supreme Court.

Magistrate Khamisi Tokunbo granted $100,000 bail with a like surety, on the condition that the defendant surrender his travel documents, not leave the jurisdiction of Bermuda without permission of the courts, notify the Police of his residence, and report to the nearest Police station three times a week.

Mr Tokunbo also ordered that Mr Zirkind’s credit cards be returned to him and adjourned the matter to March 30 for mention.