Officers of the Financial Crimes Squad (SDOE) confiscated some 100,000 bootleg items from a warehouse in Aegaleo, western Athens, on Wednesday.
The goods – chiefly fake designer bags and purses – were found in dozens of boxes.
Mostly from China, it is thought that most of the items had been destined for the Aegean islands and other tourist destinations.
According to sources, the haul was the biggest of its kind made to date by SDOE.
Officers also seized several vehicles believed to have been used to transport the goods to Greece from Italy, a stop-off point.
A Chinese national believed to be the head of the contraband ring was to face a prosecutor later on Wednesday while authorities said they were seeking another two suspected racket members, who are also Chinese nationals.