Quick question just bought one of these, but the supplied batteries are at 4.9V! Thats bad right? Very bad!
If you are able to test
individual cells physically not connected to one another, not connected to a charger, and your meter has fresh cells and is proven off a known source (like a fresh Alkaline cell),
and yet are getting 4.9V, call the bomb squad.
Ok, don't do that but don't use them. Instinct says one of the above conditions hasn't been met, which is why everyone is asking about your meter.
Still your conclusion that it's a piece of junk regardless of meter reading is spot on. Don't buy cheap crap. 20 pounds for 3 good cells, a "good" light, and a charger is simply too cheap to be real, good, and safe. eBay and even Amazon is full of such crap.
For a no-less dangerous but slightly humorous look at too-cheap lithium ion cells being sold to the unsuspecting, watch the videos in my sig.