Getting System.InvalidOperationException Image added to an ImageList must either derive from Image or be an Icon

Question

I'm using following code to get the image using icon path. I think I'm doing all the error checks before returning image. So why this exception. Exception generated on adding received image to image List. Exception is generated on users machine so no way to debug.

private static Icon ExtractIcon(string file, int number, bool largeIcon)
{
    IntPtr large;
    IntPtr small;
    ExtractIconEx(file, number, out large, out small, 1);
    try
    {
        return Icon.FromHandle(largeIcon ? large : small);
    }
    catch
    {
        return null;
    }
}

[DllImport("Shell32.dll", EntryPoint = "ExtractIconExW", CharSet = CharSet.Unicode, ExactSpelling = true,
    CallingConvention = CallingConvention.StdCall)]
private static extern int ExtractIconEx(string sFile, int iIndex, out IntPtr piLargeVersion,
                                        out IntPtr piSmallVersion, int amountIcons);

[DllImport("shell32.dll")]
private static extern IntPtr ExtractAssociatedIcon(IntPtr hInst, StringBuilder lpIconPath,
                                                   out ushort lpiIcon);

public static Image GetImage(string icon)
{
    try
    {
        if (!string.IsNullOrEmpty(icon))
        {
            if (icon.Contains(","))
            {
                string[] split = icon.Split(new[] { ',' });
                if (!string.IsNullOrEmpty(split[0]))
                {
                    int index;
                    int.TryParse(split[1], out index);
                    Icon image =
                        ExtractIcon(Environment.ExpandEnvironmentVariables(split[0]).TrimMatchingQuotes('\"'),
                                    index, true);
                    if (image != null)
                        return image.ToBitmap();
                }
            }
            if (File.Exists(icon))
            {
                try
                {
                    Icon image = Icon.ExtractAssociatedIcon(icon);
                    return image != null ? image.ToBitmap() : Resources.picture;
                }
                catch (ArgumentException)
                {
                    var strB = new StringBuilder(icon);
                    ushort uicon;
                    IntPtr handle = ExtractAssociatedIcon(IntPtr.Zero, strB, out uicon);
                    return Icon.FromHandle(handle).ToBitmap();
                }
            }
        }
        return Resources.picture;
    }
    catch (Exception)
    {
        return Resources.picture;
    }
}

private static string TrimMatchingQuotes(this string input, char quote)
{
    if ((input.Length >= 2) &&
        (input[0] == quote) && (input[input.Length - 1] == quote))
        return input.Substring(1, input.Length - 2);

    return input;
}