Joseph Molloy, a former HSBC executive, avoided a prison sentence after admitting to 740 instances of “doughnutting”.

The practice of “doughnutting” involves a commuter buying tickets covering the stations at the start and end of their journey, leaving a “hole” in payment for the middle section.

Over an 11-month period, the retired head of passive equity used false identities and illicit Jobcentre Plus discounts to travel from his £2 million Orpington home to Canary Wharf via Southeastern Railway.

During sentencing at Inner London Crown Court, the prosecution described the scheme as “sophisticated” in its planning and execution, The Times reports.

While Molloy’s defence cited personal stress and bereavement in mitigation, Recorder Alexander Stein noted that the defendant was a man of significant financial means who could easily have afforded the fares.

Although the judge said the offending warranted a custodial sentence, he ultimately handed down a 10-month sentence suspended for 18 months.

Molloy was also ordered to complete 80 hours of community work, pay £5,000 in compensation, and has been banned from using Southeastern Railway services for a year.