Wealthy HSBC banker faked address and used Jobcentre discounts in £6,000 ‘doughnutting’ ticket scam
A wealthy banker has been banned from using his local railway after he was caught dodging nearly £6,000 in fares.
Joseph Molloy, 53, used what prosecutors called a ‘sophisticated’ ruse to swerve thousands of pounds in ticket costs while travelling between central London and his £2million home in Orpington, Kent.
The former HSBC executive bought tickets only covering the start and end of his journey – but not the stops in between.
The tactic – known as ‘doughnutting’ – exploits the ticket barriers and creates a ‘hole’ in the middle of the journey for which he did not pay a fare.
Inner London Crown Court heard he repeated the trick at least 740 times between October 2023 and September 2024, saving £5,911.
Molloy admitted fraud by false representation and appeared for sentence on Tuesday, The Times first reported.
Prosecutor Jack Furness described the scam as ‘sophisticated in planning and execution’.
The court heard Molloy used false names and addresses to obtain two smartcards loaded with tickets and got hold of Jobcentre Plus discounts giving him 50% off fares.
It was not revealed how he was caught, but the prosecutor said he made a full confession when confronted with the evidence.
Defending, Will Hanson said Molloy had been under stress due to health issues and his mother’s death.
‘He was going through a pretty difficult period when he did this,’ Mr Hanson said. ‘He cannot explain why he did this.
‘It is a fraud that was discreet in nature, committed against no individual and no one from the public was made to suffer and a large private company was the victim.’
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The judge, Recorder Alexander Stein, described Molloy as a ‘man of some financial means’ who could afford his ticket fares but had instead committed a ‘persistent and serious offence’.
But he suspended the 10-month prison term for 18 months because of his ‘strong mitigation’ and ordered him to complete 80 hours of approved work.
Molloy was also banned from Southeastern railways for a year and told to pay the operator £5,000 in compensation.
Fare evaders are said to cost rail firms £400million a year.
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