Your deduction is sound!
From Fallen London Wiki
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From: Ambition: Nemesis – Unmasking your Nemesis
You are sure you have identified the correct Masters.
Unlocked with 
Naming the Culprits exactly 34
Success
Cups and Mirrors
But which one of them was it? Or did they collude? And why? Vengeance should be precise. It should be exact. One place holds the answers you need: the Bazaar itself.
An occurrence! Your 'Ambition: Nemesis' Quality is now 60 - Work out how to access the Bazaar in your Lodgings!
Your 'Naming the Culprits' Quality has gone!
