Appreciate the warning, but there are lots of ways to avoid that (wont mention any of those).
And yeah, it's too risky and horrible act, yet lots of people did it already so it's up to them risking their accounts since the OP mentioned the risks of doing things against some service's TOS.
Yes, there are.
if OP's use case is genuine, and they are being truthful then let's talk about it a little.
From their post, they want multiple accounts to put multiple advertisements on one keyword. This means that the keyword is competitive (because there won't be any need if the keyword wasn't competitive, to begin with).
What do you think would be more beneficial?
Case A: Increasing the budget by 5~10% to get more clicks and a higher ranking for a good CTR on an already established ad with learned data on google's side. Focussing on improving your site's conversion rate.
Case B: Creating new websites for each new account, managing those websites, and managing those accounts just to compete with your ad to drive the CPC even higher + making each ad account go through the learning phase(it takes time for any ad to reach an optimal level, since google AdWords takes time to learn about your ad's behavior) which won't give you the same conversion in the beginning and you will lose money anyhow
or, as I said earlier, Case C: They are definitely running blackhat ads.