I have solved the issue by downgrading scipy1.5.2 to scipy1.4.1. There is a problem with the new release of scipy. For those who will encounter this issue try
python -m pip uninstall scipy python -m pip install scipy==1.4.1
Link to the original source - OSError: [WinError 126] The specified module could not be found · Issue #241 · ultralytics/yolov5 · GitHub