Cranbury Township, New Jersey, Reports $26 Million Stolen in Wire Transfer for Affordable Housing
Cranbury Township, New Jersey, announced on November 6 that approximately $26 million intended for affordable housing land acquisition was stolen through a fraudulent wire transfer on September 28. Mayor Lisa Knierim disclosed the incident, stating that nearly $17.3 million of the stolen funds have been frozen, leaving about $8.7 million unaccounted for. A task force comprising local, county, state, and federal law enforcement agencies, led by the Cranbury Township Police Department and the Middlesex County Prosecutor's Office, is investigating the 'sophisticated' theft. The township is also considering hiring PKF O'Connor Davies, a municipal accounting firm, for financial consulting and is in discussions with insurance carriers to recover the money. The announcement came more than five weeks after the theft and three days after the November 3 election, raising questions among residents about the timing of the disclosure.