Giving merits is a "gray area"; you can give merits based on how you feel. There is some sort of etiquette, you should merit only posts that are good, but you will find also seasoned members sometimes meriting a meme or a nicely done entry in a Christmas contest.
However, exchanging merits can also be seen as shady and some may even tag you for it. It doesn't mean banning, but your account will no longer look good.
Plus, this "the other account belongs to sister/brother/best friend/colleague from same office" and so on are stories we've heard far too much and many won't believe it/buy it.

So, the current actions pose a risk. Some may give you a second chance, some may not. No matter you get tagged or not, you will have to learn something from this and stop doing shenanigans, since they can only drag you down.