Bavarian police have seized millions of euros worth of forged art claiming to show works by Picasso, Rembrandt and Kahlo in an operation spanning Germany, Switzerland and Liechtenstein. Authorities in Bavaria said the main suspect is a 77-year-old German man who, along with 10 alleged accomplices, is facing charges of conspiracy and fraud.

Investigators first became suspicious when the septuagenarian ringleader attempted to sell two supposedly original paintings by Picasso on the art market. He then sought to sell De Staalmeesters, a famous oil painting by Dutch old master Rembrandt, for 120 million Swiss francs (£113m) - despite the original hanging in the Rijksmuseum in Amsterdam.

The Bavarian State Criminal Police Office (BLKA) reported that the forged De Staalmeesters - which is sometimes referred to as the Masters of the Clothmakers' Guild - was owned by an 84-year-old Swiss woman. She is now being investigated by the Amberg public prosecutor's office, the BLKA and Swiss authorities after the forged piece was confiscated in Switzerland. After being examined by an art expert, the police confirmed it was indeed a copy and not a lost masterpiece by Rembrandt van Rijn.

The painting was seized during a coordinated series of dawn raids across Germany, Switzerland and Liechtenstein on 15 October. The BLKA stated that a large number of suspected art forgeries were found and confiscated during the searches, alongside documents, records, mobile phones, storage media, and cloud data.

The main suspect attempted to sell an additional 19 counterfeit works, purporting to be by world-famous artists for between €400,000 (£349,000) and €14m (£12.2m). This collection included forgeries of Mexican painter Frida Kahlo, Flemish old master Peter Paul Rubens, Italian sculptor Amedeo Modigliani and Spain's Joan Miró. He was assisted by another 74-year-old German man, who allegedly prepared expert reports to authenticate the artworks. Both men were arrested on the day of the raids but were conditionally released.

The police indicated that the investigation is ongoing and that all confiscated paintings would undergo detailed examination by experts and appraisers in the coming weeks.