Last version from Bandicam was 3.2.5 which worked fine in Game Recorder Mode with mentioned Memu android emulator.
Sorry, have to change my sayings. Version 3.2.5 does not work with the Memu in Game Recorder Mode. Neither does 3.2.2 like mentioned earlier. I don't know is it my older system which causes this or what, but just in case here is the Memu android emulator's log file which shows some system info:
CPU Model: Intel(R) Core(TM) i3-2130 CPU @ 3.40GHz
CPU Core: 4
CPU Virtualization: Support (Enabled)
OS Version: Microsoft Windows 10 Home (64 bit)
COM Component: Good
Runtime Environment: 5.6.1 Good
OpenGL Renderer: GeForce GT 620/PCIe/SSE2
OpenGL Version: 4.6.0 NVIDIA 391.35
Graphics Driver: 23.21.13.9135 - 3-23-2018 (DirectX)
Graphics Card 1: NVIDIA GeForce GT 620
Currently using DirectX and changing Memu to use OpenGL does not help as well. Memu android emulator is version 5.6.1