Former Punjab Maharashtra Co-operative Bank (PMC) Managing Director Joy Thomas has admitted to misleading the Reserve Bank of India (RBI) for six to seven years by concealing and misreporting default on loans reportedly worth Rs. 6,500 crore taken by crisis-hit real estate firm Housing Development and Infrastructure Ltd (HDIL). In a letter addressed to the central bank, Mr Thomas, who has been suspended for his role in the crisis and has been named in a first information report (FIR), said the bank concealed information from board members, auditors and regulators due to "fear of reputational loss".