CRANBURY, New Jersey (WABC) — Cranbury Township officials say the township was the victim of a sophisticated financial theft involving a wire transfer of approximately $26 million intended to purchase property to meet the municipality’s affordable housing obligations.
According to a press release released Friday, the theft took place on September 28. Officials said a multi-agency task force led by the Cranbury Township Police Department and the Middlesex County Prosecutor’s Office is investigating the case with support from local, county, state and federal law enforcement.
Investigators have frozen nearly $17.3 million in assets as they work to recover the stolen funds.
“While this represents a significant development, this criminal investigation remains active and no additional details can be shared at this time,” city officials said.
The municipality also announced several measures aimed at strengthening financial oversight and ensuring continuity of operations. At a Nov. 9 township committee meeting, officials plan to introduce ordinances creating the positions of deputy township administrator and deputy financial director.
Officials also plan to consider appointing municipal accounting firm PKF O’Connor Davies to provide financial advice support and are working with insurance companies to assess recovery options.
Mayor Lisa Knierim called the theft of public funds “an extremely serious problem” and said the municipality’s priorities include supporting the investigation, continuing financial recovery and maintaining municipal operations.
Police Chief Giuseppe DeChiara said the investigation remains a top priority and pledged continued cooperation with law enforcement partners as authorities work to recover the funds.
Township officials said they will continue to support the investigation while pursuing all available avenues to recover their finances and maintain essential municipal services.
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