SOUTH JERSEY (KYW Newsradio) — A small town in Middlesex County, New Jersey, was scammed out of $26 million through wire transfer fraud.
Officials in Cranbury Township said the money was stolen through a sophisticated wire transfer scam in September, though they didn’t provide specific details of how it happened.
Of the $26 million stolen, $17 million was frozen by state and federal authorities, but nearly $9 million remains unaccounted for.
The town’s annual municipal operating budget is about $16 million. That money was set aside for the town to purchase properties as part of its affordable housing obligations. If the town can’t recover the money, taxpayers would likely be on the hook for it.
A township committee meeting Monday night is likely to draw a crowd of residents demanding answers to some unanswered questions about how this happened and why it took so long to come to light.
If remaining funds aren’t recovered, taxpayers could be on the hook
If remaining funds aren’t recovered, taxpayers could be on the hook
