I don't think it could be true just because it's so easy to have your reserves checked, it seems like in China they would be putting people to death for doing this.  That doesn't mean that some companies aren't trying it, but I don't think it's happening at the scale you seem to be insinuating.  In the end though these games won't work.  At some point someone will have to show their Bitcoin reserves and when companies are tasked with their leaders going to jail or having to spot buy BTC to the moon, they'll do what they're supposed to do and run the price up.  This would be the type of event that would send BTC to a million.  Don't fear it.