Friend wants to use my bank account for multiple IPO applications.

A trusted friend of mine has access to around 5-10 demat accounts belonging to different people. He usually applies for 1 lot from each to increase the chances of allotment. He wants to use mainly his bank account + my bank account to fund these applications. My own demat is also one of those accounts. For example, someone else's PAN + demat → my bank account. If this is done repeatedly, can my bank account get flagged/frozen, or can I personally face any penalty/legal issue? Or would it normally just mean the IPO application gets rejected? Also, is this whole multiple-demat strategy even worth doing if the bank accounts don't match the respective applicants? My friend told me that he has been applying like this for quite a while now. Like from multiple demat accounts but the same bank account.