Gcc compiled executables produces "access denied" message?

I have set path to the gcc inside the dev-c . It compiles fine and creates the executable but it fails to run the program and shows a message box (as shown in the first picture) first and then prints the error message on the console

NOTE:

1. The program completely works fine producing the output if I run the program using the Dev-Cpp on my system, but when I invoke the compiler using the command prompt I get these mentioned issues.
2. I am using Windows XP.
3. I also have msys installed

Updates (from Comments)

I know that dependancy walker says I have dependancy issues, but if that is the case then how does Dev-CPP compile the program on my computer ? As said before Dev-Cpp is able to compile and run the code that is written on to its editor. My best guess is that gcc detects my 32 bit operating system and adds some switch to Dev-Cpp compiltation process like

gcc -something -something my_program.c

can some one find what that something is ?