We hadn't met that before, I think it's related with environment.
Does only raster layer don't works, whether other type data for example shape file render nothing also?
Because many raster layers need to be rendered via c++ dll library, and we call them via reflection, so I think that's maybe a security problem.
For test I think you can try to assign administrator security to your application and see whether it can works, and write code or use some 3rd part utility to catch more detail exception information.
Any thinking about it I will share in this topic.