Kevin McGeever, 71, of Clontarf in Dublin, was at Galway Circuit Criminal Court on Tuesday and admitted wasting police time, RTÉ reports.
He told gardaí (Irish police) in 2013 he had been abducted and held in captivity for eight months.
McGeever was found on a roadside in County Leitrim in a dishevelled state in January that year.
He later told gardaí he had been kidnapped at gunpoint and held in a steel container, possibly underground, by his captors.
His statements prompted a six-week investigation, costing €86,500 (£68,000) and involving over 3,000 hours of police time.
The court heard McGeever owed a considerable amount of money to investors following the economic crash.
He hoped the claim of kidnapping would get them off his back.
McGeever's defence counsel John Jordan said his client had done something "incredibly stupid" and regretted his actions.
A judge said the charge was of considerable gravity, but in light of the defendant's age and the burden already carried by taxpayers as a result of his crime, he suspended the sentence.
When asked afterwards if he was glad the matter was resolved, McGeever said: "Figure that out yourself".
A former property developer who faked his own kidnapping has been given a two-year suspended prison sentence.