The theft occurred on Sept. 28, 2026, the township said. Investigators have frozen nearly $17.3 million in assets, but the remaining money — roughly $8.7 million — is still unaccounted for. The announcement described the frozen assets as an important development but did not say the money had been returned to the township.

A task force involving local, county, state and federal law enforcement agencies is investigating 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.

"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," Knierim wrote on the township's website.

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 committee also plans to consider a resolution engaging municipal accounting firm PKF O'Connor Davies for additional financial consulting support, and 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," she wrote.

The loss is significant for a small municipality, and it comes as towns across New Jersey work to meet state-mandated affordable housing obligations — a process that often requires costly land purchases. The theft raises questions about the safeguards governing municipal wire transfers and the oversight of large public expenditures. The township's move to add financial staff and outside accounting support signals an effort to tighten controls as the investigation continues.