Problem with OleDB Provider

I have a weird problem. I am trying to update the Access database.
When I am using OleDbProvider, I am getting an error in SQL statement for Update (select and insert
works fine)

Imports System.Data.Odbc

        Dim cmd As OleDbCommand = New OleDbCommand

        Dim sDBName As String = Server.MapPath("IP.mdb")
        Dim sConn As String = "Provider=Microsoft.Jet.OLEDB.4.0;" & _
                     "Data Source=" & sDBName & ";Persist Security Info=False;"

        Dim cn As New OleDbConnection(sConn)
        cn.Open()
.......
'here is my update SQL and all the setting for command object
..........
            cmd.ExecuteNonQuery()

During update I am getting an error :  "Error in UPDATE statement"

I have changed OLEDB Provider to ODBC driver

Imports System.Data.Odbc

        Dim cmd As OdbcCommand = New OdbcCommand

        Dim sDBName As String = Server.MapPath("IP.mdb")
        Dim sConn As String = "Driver={Microsoft Access Driver (*.mdb)};" & _
                  "DBQ=" & sDBName & ";UID=;PWD="

        Dim cn As New OdbcConnection(sConn)
        cn.Open()

using the same code and the same SQL. Everything works fine

I am sure that SQL is correct (don't look here)
All permissions are OK ( because I can write to DB with ODBC provider)

More Info
I have the latest MDAC, Jet Engine and Servivce packs
OS - Win XP Professional

What can cause this problem with OleDBProvider? I can do select and insert statement but getting problem wiht update. Is it a bug?
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