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The memory characteristics of InAs based quantum dot (QD) memory devices has been investigated by carrying out capacitance-voltage and current-voltage measurements. The dots which were embedded in the GaAs quantum well were charged by the electrons from the two dimensional electron gas and a clockwise hysteresis loop is observed on cyclically sweeping the gate bias. The number of trapped electrons is found to be two orders of magnitude lesser than the QD density. Interdot Coulombic interactions and phonon assisted electron tunneling was found to significantly affect the charge trapping ability of the QDs.