Researches made it up? not likely. Often companies do not want to be shamed publicly. That's why in the US and EU companies are obliged to disclose incidents.

@bharaths the news sections has some interesting news regarding your question. They may help you to get an understanding and form your own opinions. It seems to me that MobikwiK is hiding the obvious ?  

I am not an expert, but when an organization is awaiting the forensics results is that they are in trouble. Needles to say that many organizations come to know that they have been hacked by an external third party, so it is unlikely that someone made this up.

https://www.infosecurity-magazine.com/news/forensic-audit-of-mobikwik-ordered/