An Alabama man, Wilbert Cannaday, 64, has been arrested and charged for his involvement in a complex fraud scheme that resulted in losses exceeding $26 million. The Tennessee Bureau of Investigation (TBI) announced the arrest on Monday, revealing that Cannaday participated in a coordinated effort to defraud a victim organization by manipulating bank routing information and diverting payments.
The TBI’s Cybercrime & Digital Evidence Unit began investigating the case earlier this year after the victim organization reported the massive financial losses. Authorities were able to recover more than $20 million of the diverted funds during the investigation.
Cannaday was apprehended by TBI agents in collaboration with the Alabama Law Enforcement Agency and the Pelham Police Department, near Birmingham, Alabama. He faces charges of theft over $250,000 and money laundering. Cannaday was booked into the Davidson County Jail, with bail set at $1 million.
The investigation is ongoing, with authorities continuing their efforts to recover the remaining funds and uncover further details of the fraudulent operation. Additional arrests and asset recoveries are possible as the case develops.
