Garey and Johnson (Computers and intractability) states that the subgraph isomorphism problem is $\mathsf{NP}$-complete, and contains several special cases, like Clique, Complete bipartite, Hamiltonian cycle or Hamiltonian path.
If you could find the largest bipartite subgraph, you could find the largest complete bipartite subgraph, so yes, that's true.
To find the largest complete bipartite subgraph in a bipartite graph $G = (X\sqcup Y, E)$:
- construct $G' =(X\sqcup Y, E')$ where $E' = \{\{x, y\}\mid x\in X, y\in Y \text{ and }\{x, y\}\notin E\}$;
- find a maximum matching in $G'$;
- find a minimum vertex cover in $G'$ using König's theorem;
- the complement of that vertex cover is a maximum complete bipartite subgraph in $G$.