Baghdad police say masked gunmen have stolen more than $27,000 in cash intended for university workers' salaries in a daylight ambush of a money courier's car.
Two police officers say robbers forced the car off the road Monday and held its driver and two passengers at gunpoint until they handed over the cash.
The gunmen then left the men tied up in their car and sped away with about 32 million Iraqi dinars, more than $27,000.
The officers spoke on condition of anonymity because they were not allowed to brief the media.
Iraqi and American officials believe insurgents are turning to robbery and other crimes to fund terrorist activity as large-scale violence across Iraq wanes.