I'd still bet on ocean crash. Flying low or not, heading across the Bay of Bengal towards land, and you're going to get pinged with military radar.
As for the fantastical, mysterious theories, there are plenty of real conspiracies hanging around with verifiable support, that we don't need to make up bullshit ones.
As for whether or not this one is a conspiracy, we must refrain from pontificating until we get more evidence. The default belief must be disbelief.