When Dullah Miah, a 35-year-old salesman from Stoke-on-Trent, wanted to send a substantial cash sum to his family in Bangladesh to help them to build a new home, he was determined to leave nothing to chance.

He contacted four money transfer agencies to compare exchange rates and commission. The response from one stood out: while three of the four did not return calls, staff at First Solution seemed extremely keen to secure his custom.

He told The Times yesterday: “I called First Solution head office to ask for information and they took my telephone number. One of the directors started calling me again and again. Each time he offered better rates and less commission.”

Mr Miah was persuaded by the attractive rates, and, having remortgaged his house to raise the money, handed over £70,200 to First Solution on June 21. The company promised that the money would arrive in his bank account in Bangladesh within five days. But the deadline came and went and the money never appeared.

“When I checked with my Bangladesh bank manager on June 26, he said it was not there. He asked what company I had used to transfer the cash. When I said I had used First Solution, he replied that no money had come through them for the last two months.” The next day Mr Miah managed to reach a member of staff, who promised that the money would arrive within days. But on June 28, Mr Miah said, the staff disappeared: the office was closed and phone numbers stopped working.

A month later the money has still not arrived, and Mr Miah’s hopes are fading. “I am feeling heartbroken. I wanted to build a house to stay in Bangladesh, and give money to the local school. But now this is hurting my health and I have had to go to the doctor for a pain in my chest. It affects my life in every way.”

Help may be on the way. A charitable fund has been set up by the Sir William Beveridge Foundation, similar to the one started after the collapse of Farepak, the company that helped poorer families to buy Christmas presents.

Kitty Ussher, the Economic Secretary to the Treasury, said that the help-line should be established within days, but also urged those affected to contact the liquidator, Panos Eliades Franklin and Co.