A wealthy HSBC banker who dodged £5,900 in train fares using a 'doughnutting' ticket scam has been banned from using his local railway. 

Joseph Molloy used what prosecutors described as a 'sophisticated' ticketing ruse to slash thousands of pounds off the cost of commuting from his £2million home into London.

He bought tickets covering the start and end of his route, but not the stations in between.

The tactic, known as 'doughnutting', exploits ticket barriers to create a 'hole' in payment for part of the journey.

Molloy carried out the scam at least 740 times, saving £5,911 over 11 months on Southeastern services, Inner London Crown Court heard. 

It was not disclosed how he was caught.

The 53-year-old travelled from near his £2million home in Orpington to London Bridge before continuing to his Canary Wharf office. 

He admitted fraud by false representation and appeared for sentence on Tuesday, The Times reported. 

Prosecutor Jack Furness described the scheme as 'sophisticated in planning and execution'. 

Between October 2023 and September 2024 Molloy used false names and addresses to obtain two smartcards loaded with tickets. 

He also secured Jobcentre Plus discounts giving him 50 per cent off fares. 

He initially declined to comment in a police interview but later made a full confession when confronted with the evidence. 

Molloy was appointed head of passive equity at HSBC Global Asset Management in 2015 and retired last year. 

His barrister, Will Hanson, said he had been under stress due to health issues and his mother's death. 

He described the fraud as 'discreet', committed against a large private company rather than an individual, and said Molloy had a distinguished career and was a devoted father active in his church and community. 

Recorder Alexander Stein said Molloy was 'a man of some financial means' who could afford his fares. 

He branded the offending 'persistent and serious' and said its sophistication merited jail, but suspended the sentence due to strong mitigation. 

Molloy was handed 10 months' imprisonment, suspended for 18 months, ordered to complete 80 hours of unpaid work, banned from Southeastern for a year and told to pay £5,000 compensation. 

After the hearing he changed his clothes and vaulted a wall in an apparent attempt to avoid photographers.

Fare evasion costs the rail industry an estimated £240million a year, according to the Rail Delivery Group. Companies are now testing GPS technology to help clamp down on 'doughnutting'.