QML Image with source set to a local file fails to load in offline mode on Symbian

1. Set the phone to Offline mode
2. Create a QML Image with source set to an absolute local path of a file in the Symbian file system (e.g. E:/Images/Backgrounds/Beach.jpg).
3. Image is not shown and the following error is logged: QML Image: Network session error

Observations:
1. The bug does not occur if I use a URI like file:///E:/Images/Backgrounds/Beach.jpg
2. The bug does not occur if I have a valid network connection.
3. The bug does not occur with Qt 4.7.3

This is similar to QTBUG-20884 but I get it with Qt 4.7.4 (not with Qt 4.7.3) and I have no external libraries involved.