I googled on this and realized there are probably several causes to this so I will describe my scenario.
This happens when my application tries to load a .dll file b
Just an small related advice: DON'T ADD any *248d.lib files while building and running in the RELEASE version.
I was following advice from different blogs, and I accidentally added both *248d.lib as well as the 248.lib files. Basically in Linker → Input → Add Dependencies, ensure that you don't have *248d.lib files in it (here 248 is version 2.4.8).
I spent hours wondering why things weren't working in the release mode until it struck me that there are two copies of .lib files, one *248 and other *248d. If you include any of the d files in release mode, you will get the DLL issue.