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A New Jersey township says it lost approximately $26 million in a wire transfer theft involving funds intended to buy property for its affordable housing obligations. Investigators have frozen nearly $17.3 million in assets, but the remaining money is still unaccounted for.

Cranbury Township, in Middlesex County, disclosed the theft in a statement posted Friday, Nov. 6. The incident occurred Sept. 28, 2026, according to the announcement from Mayor Lisa Knierim on behalf of the Township Committee.

“We recognize that news of this magnitude will understandably raise questions and concerns among our residents. Those concerns are legitimate, and we take them seriously,” wrote on the township’s website.

A task force involving local, county, state and federal law enforcement agencies is investigating the theft and working to recover the funds. The Cranbury Township Police Department and the Middlesex County Prosecutor’s Office are leading the effort.

The criminal investigation remains active, and the township said it could not share additional details. The announcement described the frozen assets as an important development; it did not say the money had been returned to the township.

Police Chief Giuseppe DeChiara has kept the Township Committee informed of developments, and township employees have cooperated fully with law enforcement, according to the statement.

The township also outlined plans to strengthen financial and administrative oversight. At its Monday meeting, the Township Committee plans to introduce ordinances establishing assistant township administrator and assistant chief financial officer positions. Officials intend to fill the positions as promptly as possible once the ordinances are adopted, the statement says.

The committee also plans to consider a resolution engaging municipal accounting firm PKF O’Connor Davies for additional financial consulting support. Township officials are working with insurance carriers to evaluate potential recovery options.

Knierim said the township is committed to protecting residents’ financial interests, supporting the investigation, maintaining essential municipal services and sharing verified information as it becomes available.

“Cranbury has always been a community that faces challenges with determination, cooperation, and a shared sense of responsibility. We have every confidence that we have and will continue to approach this situation with that same commitment,” wrote Knierim.

This story was originally reported for broadcast by NBC New York. AI tools helped convert the story to a digital article, and an NBC New York journalist edited the article for publication.