The Georgia Bureau of Investigation says the case began after Cartersville police reported missing money in May.
The university said two sophomores died and multiple other cyclists were seriously hurt after a vehicle struck a group riding in Hampton.
Authorities say the only person aboard the Aero Commander AC11 was flying from Tennessee to Dalton when the aircraft went down.
Montgomery County deputies, state troopers and EMS responded as the intersection was closed for the investigation.
Authorities say investigators are examining whether a medical episode may have played a role in the crash.
