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