In June 2007, the company went into liquidation owing nearly GB£2  million pounds to the public, the majority of whom were from the Sylhet region of Bangladesh.

Campaigns organised by various community leaders and the local Member of Parliament have led to investigations of the collapse by the Metropolitan Police and a review of this industry by the government.

Hence the only indication of the company's success (or failure) in implementing its core business was the declaration of a small loss of GB£435 on its foreign exchange activities during 2005–06.

Since then, some of the former agents and branch staff of First Solution embarked on a 'corporate recovery' package to resolve this situation and reach a position whereby all remittance creditors can be paid.

[6] In an article in the East London Advertiser,[7] Dr. Roger Ballard of the Centre for Applied South Asian Studies at the University of Manchester suggests that First Solution may well have been the first fruits of efforts by the UK's Department for International Development (DFID) to replace 'informal' community-based value transfer networks with 'more reliable' formal sector initiatives.

First Solution was only too ready to agree, and carefully conformed with the necessary regulatory requirements - which were all about countering Terrorist finance and Anti-money laundering.

Investigation is currently ongoing to determine the full extent of the problem and whether the company was involved in fraudulent activities or undertook risky speculative business in the currency market.

In a press statement displayed on the company's website, the directors stated that Bangla TV, a UK-based Bengali language satellite TV channel, had been irresponsible in showing angry public opinion calling for the directors and their families to be "pursued" and not to rest until they were shown "naked in the street".

The company, therefore, had no choice but to call in liquidators as the investment and cash-injection it was seeking at the time had fallen through as a direct result of these misrepresentations by Bangla TV.

In the early hours of 6 July 2007, the Metropolitan Police seized documents and computers from the First Solution head offices in London.

These materials have now been requisitioned by the Companies Investigation Branch of the BERR (formerly DTI) On 8 July 2007, a rally was held at Altab Ali Park where George Galloway called on the government to compensate the victims for the money they lost in this scandal.

On 10 July 2007, George Galloway held a meeting with Kitty Ussher (Economic Secretary to the Treasury) and called on the government to set up a Farepak-style crisis fund to compensate the victims.