CRANBURY, New Jersey (WABC) — Cranbury Township officials say the township was the victim of a sophisticated financial theft involving an approximately $26 million wire transfer intended for the purchase of property to meet the municipality’s affordable housing obligations.
According to a statement released Friday, the theft occurred Sept. 28. Officials said a multiagency 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 agencies.
Investigators have frozen nearly $17.3 million in assets as they work to recover the stolen funds.
“While this represents an important development, this criminal investigation remains active, and additional details cannot be shared at this time,” township officials said.
The township 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 assistant township administrator and assistant chief financial officer.
Officials also plan to consider appointing municipal accounting firm PKF O’Connor Davies to provide financial consulting support and are working with insurance carriers to evaluate recovery options.
Mayor Lisa Knierim called the theft of public funds “an extremely serious matter” and said the township’s priorities include supporting the investigation, pursuing 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 officials work to recover the funds.
Township officials said they will continue supporting the investigation while pursuing all available avenues for financial recovery and maintaining essential municipal services.
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