A network of forgers led by a 77-year-old man tried to sell a copy of the famous “De Staalmeesters” painting, valued at more than 100 million euros

German police said on Friday that they had broken up a network of painting forgers who allegedly demanded sums exceeding 100 million euros in at least one case. Forgers claimed the canvases were by masters such as Pablo Picasso and Rembrandt, including one that has been on display for decades at Amsterdam's famed Rijksmuseum, Reuters reports.

Authorities said police arrested the group's alleged leader, a 77-year-old man from southwestern Germany, last week, but that he had been released on bail. The man and ten other accomplices are charged with organized conspiracy to commit fraud by means of forged works of art.

Bavarian police, which led the operation, said officers searched multiple locations in Germany and Switzerland, seizing documents, mobile phones and numerous suspected art forgeries in simultaneous raids on October 15.

Police began tracking the group's activities after the main suspect tried to sell two paintings bearing Picasso's signature, including one allegedly depicting photographer and activist Dora Maar, the Spanish artist's muse and longtime partner.

The network of forgers tried to sell a copy of a painting exhibited in a famous museum

Further investigation revealed that the man was also demanding 120 million Swiss francs (€130 million) for a forged copy of the painting By Staalmeesters by Rembrandt in 1662 – a solemn group portrait that has been on display at the Rijksmuseum since 1885, according to police.

The fake painting was in the possession of an 84-year-old Swiss woman, who was also being investigated, authorities said. The alleged fraudsters claimed that the canvas in Amsterdam was, in fact, a copy.

The group allegedly put up for sale at least 19 other forgeries, including works attributed to Peter Paul Rubens, Anthony van Dyck, Joan Miró, Amedeo Modigliani and Frida Kahlo, for which they were asking between 400,000 and 14 million euros, according to police.

Police said it is not yet known whether the network was able to sell any of the fake paintings.