I finally figured out the problem. It was happening because of the network service enablement for newer branches.
I upgraded my cef branch from cef3202 to cef3904 which did not work.
After reading this
https://bitbucket.org/chromiumembedded/cef/issues/2622/implement-support-for-networkservice I switched back to 3809 but again this has another issue where windows 7 library wasn't linking -
cef_sandbox.lib(md5_boringssl.obj) : error LNK2019: unresolved external symbol _MD5_Init referenced in function "void __cdecl base::MD5Init(struct md5_state_st *)" (?MD5Init@base@@YAXPAUmd5_state_st@@@Z)So went back a little down 3770 which finally worked for me.
I never ever worked on such large C++ code base but one thing I absolutely appreciate is the documentation of CEF. Now, I'll restart reading my novel since my code started working.
Thanks @ndesktop for the help.