Vanishing Act is not based on a true story. It's a product of the author's fictional world-building and storytelling skills. The plot and characters are made up to engage and entertain the readers/viewers.
In a magic - related vanishing act real story, the main elements are misdirection. The magician diverts the audience's attention from what's really happening. For example, using flashy movements or loud noises.
The 'vanishing act real story' could refer to many things. One possibility is a magic trick - the vanishing act in magic often involves making an object or a person seem to disappear right in front of the audience's eyes. It usually requires elaborate setups and misdirection. For example, in some stage shows, a magician might use a hidden trapdoor or special lighting to create the illusion of a person vanishing.
It's not based on a true story. The plot and characters were invented by the writers for entertainment purposes. There are no real-life equivalents or incidents that inspired it.