The specified module could not be found - mysql2.so

[srijansaxena11]

System:
OS: Windows 11
Ruby: 3.2.8 (x64-mingw-ucrt)
Rails: 5.2.8.1
mysql2 gem version: 0.5.6

Problem Description:
gem install and bundle install works fine with --with-mysql-dir parameters pointing to mysql c connector 6.1.11. I also used -with-cflags=-Who-error=incompatible-pointer-types to avoid some pointer errors.

Issue:
On trying to start the server with rails s, I am getting the following error:
C:/MyFiles/Ruby_new/ruby/lib/ruby/site_ruby/3.2.0/rubygems/core_ext/kernel_require.rb:37:in 'require': 126: The specified module could not be found. - C:/MyFiles/LX/BMinor_new/vendor/bundle/ruby/3.2.0/gems/mysql2-0.5.6/lib/mysql2/mysql2.so (LoadError)

What have I tried so far:
Placing libmysql.dll in the ruby/bin folder as instructed everywhere which should have solved the problem but it hasn't.