Bangladesh, Nov. 8 -- In the exclusive Russian ski resort town of Krasnaya Polyana, a sprawling new development is nearing completion, promising luxury, exclusivity, and heavily fortified security. Nestled against the towering Caucasus Mountains, the site boasts a world-class location: minutes from the venues of the 2014 Winter Olympics, a short drive from the Black Sea and Sochis glamorous resort city, and adjacent to one of Europes largest forested nature preserves.

While the complex is officially described in planning documents as a “hotel complex,” the scale, scope, and, most notably, the security measures suggest a purpose far beyond that of a typical ski resort. The 10-hectare site is encircled by an anti-ram steel fenc...