Very precise readings on that meter then!
And a very good theory. In fact I was measuring the phase wires that went to the motor and not the controller initially today, but realized my mistake and corrected it. And unfortunately, no, I am not measuring the wires going to the battery.
I very much appreciate everyone's engagement in this, but it does now border on the limits of how long one can torture people with a problem without feeling bad about it.
I loved this bike, but I really used the hell out of it for almost a decade. I want a bit more power out of the motor, the crank on it is busted and cannot be taken out, I miss disc brakes, etc. So maybe it really is time to move on.
Having said that, if anyone still wants to bite into this mysterious issue, feel free, and I will be happy to try out more possible solutions.