An investigation by the Guardian and the Organised Crime and Corruption Reporting Project (OCCRP) has uncovered alleged connections between three individuals involved in a planned cryptocurrency resort in Timor-Leste and the Cambodia-based Prince Group, a conglomerate sanctioned by the US for running large-scale online scams. The AB Digital Technology Resort, promoted as a luxury crypto haven, was found to be an empty plot when investigators visited in February.
The resort project is linked to the AB blockchain network, but the investigation does not accuse AB of criminality. The three individuals with alleged Prince Group ties have since been removed from the project. Prince Group has denied US allegations of fraud and money laundering, and its founder Chen Zhi was extradited to China in January.
Timor-Leste, one of the world's poorest nations, is seen as vulnerable to infiltration by scam networks. A government minister warned the country risks becoming 'an amusement park for transnational crime syndicates' and described the current moment as a 'perilous crossroads' since independence.
Investigators scrutinised corporate records, flight manifests, and text messages, revealing a complex web involving former world leaders, private jets, and contradictory statements. One former leader cited in promotional material denied knowledge of the project. The resort's website has been taken offline, but shareholders insist development will proceed.
The US Treasury sanctioned Prince Group in October 2024 for allegedly operating 'pig-butchering' scams reliant on human trafficking and slavery. Chen Zhi was indicted for wire fraud and money laundering conspiracy, with billions in bitcoin seized. Prince Group has called the allegations baseless.
