Six elegantly dressed bandits in three luxury cars ambushed an armored car on a busy Milan avenue Wednesday and escaped with 3.5 billion lire in cash, police said.
The currency, worth nearly $3 million, was being transferred from the Bank of Italy headquarters to post offices for the payment of pensions.
One of the bandits' cars rammed the armored van, sending it crashing against a cement pillar and springing open a door.
The robbers, toting pistols and submachine guns, grabbed 19 bags filled with cash as they held two guards at gunpoint. Minutes later, they sped off in the undamaged cars.