Is there a connection between it and the Crown Prince Group? While a cryptocurrency resort project in Timor-Leste is underway, the construction site is left completely empty.

A crypto resort in Timor-Leste is suspected of being involved in a scam network run by Cambodia’s Prince Group, while there is a striking contrast between lavish promotional materials and an empty plot on-site, raising concerns about transnational criminal activity.

A four-month joint investigation by The Guardian and the Organized Crime and Corruption Reporting Project (OCCRP) has uncovered that, in Timor-Leste—one of the poorest countries in the world—a development project marketed as the “world’s first crypto cryptocurrency resort” appears to be linked to a scam network run by Cambodia’s Prince Group (Prince Group), which is under U.S. sanctions. In February this year, the investigative reporters went to conduct on-site interviews at a construction site next to Dili airport, but they only found an empty lot overgrown with weeds.

The gap between promotion and reality: the lavish crypto resort is left with just an empty lot

AB Digital Technology Resort’s promotional materials pitch luxury villas, a sea view, and “a global technology elite exchange venue,” and claim it will use part of its proceeds for charity. However, when the reporters went to the coastal construction site shown in the promotional photos, they found nothing on the land separated by fencing—only scattered shrubs.

This project is at the heart of the investigation. Investigators found that three individuals involved in the resort project appear to be connected to the Prince Group (Prince Group), which is under U.S. sanctions. During the investigation, these three people were removed from the project.

Prince Group: “Pig-butchering” scam, human trafficking, and bitcoin seized

Prince Group is a multinational corporate group that claims to engage in real estate and financial services. But last October, the U.S. Department of the Treasury imposed sanctions on it, accusing it of running large-scale online scam operations in Southeast Asia, relying on human trafficking and modern slavery to keep the business running, with victims worldwide. The founder, Chen Zhi, has been sued by the U.S. for conspiracy to commit telecommunications fraud and conspiracy to commit money laundering, and billions of dollars’ worth of bitcoin were seized.

In January this year, Chen Zhi was extradited from Cambodia to China, with footage of him stepping off the plane under escort by armed police in black uniforms widely circulated online. China has not yet disclosed the specific charges against him.

The main scam tactics attributed to Prince Group are “pig-butchering” (Cantonese: “kill-the-pig pen”): scammers build relationships with victims on social media or messaging apps using fake identities, sometimes for months, and then lure them into putting money into a fake crypto currency or investment platform. After victims see fabricated profit numbers, they often continue to add investments until their funds are drained and the scammers disappear.

Timor-Leste government: “the most dangerous crossroads”

The investigation also revealed multiple unsettling details: a foreigner involved in the resort project holds a diplomatic passport issued by Timor-Leste; some former heads of state who originally supported the project denied, after being contacted, statements they were cited as making in the promotional materials, and even denied knowing about the project. After the investigative reporters contacted key figures, the relevant content on AB’s official website was gradually taken offline as well.

Last year, the United Nations issued a warning about the risk of scam networks infiltrating Timor-Leste. A Timor-Leste government official told The Guardian that this small country, just 700 kilometers from Australia, is facing “the most dangerous crossroads since independence,” with a risk of becoming a “playground for transnational criminal groups.” The president of Timor-Leste also told the media that whether this resort is “a real resort or just talk” remains an open question.

The resort company’s shareholders said the development plan will still continue to move forward.

• This article was reprinted with authorization from: 《Chain News》
• Original title: 《Timor-Leste “crypto resort” project suspected of being linked to Prince Group, a sanctioned scam group; the construction site is empty》
• Original author: Elponcrab