"Pious fraud" is a more general term for any act of deception by a religious person or group which uses the rationale that it increases belief in a supposedly real deity. A modern Christian-centric term for it is "lying for Jesus".
Elsewhere he lumped Christianity in with other religions as being based on a lie. In The Antichrist (much longer), he is eventually direct, referring to the 'lie of the "risen" Jesus'. He directly accuses Paul of lying in the same passage. Your answer is yes, Nietzsche really did think what you think he thought.
If there was no actual resurrection, and disregarding for a moment the possibility of hallucinations, someone had to be guilty of fraud, pious or not. (The chroniclers themselves are included in the list of suspects.) Arguing against this based on the character and moral fibre of those well-known characters involved does no good, for it simply implies that they were not the perpetrators.
Say for example that someone unknown impersonated Jesus so well that his friends and very old (for the period) mother believed he had returned. To achieve this he didn't have to look or sound exactly as he did, as he'd supposedly been through a lot. He just had to make the point that he was back, and disappear again. This scenario exonerates Jesus, the apostles and anyone else named in the Bible of any deception, while still letting deception happen. If you don't like that idea, come up with your own clever scheme.
Personally, the idea of Jesus' teachings fading away seems frightening enough to his followers that they would be willing to manufacture a miracle to keep them going, thus breaking a Commandment and possibly sacrificing their own souls for the cause. Clever schemes don't appeal to me as much as the infinite capacity of the human mind for rationalisation.