My main PC has a Ryzen 5 1600, 16GB of RAM, 1050Ti GPU and an Aorus B450M. The trouble comes in running the game through PCem. The issue manifests on multiple hardware configurations of Windows 98. Let me mention some:

Packard Bell PB520R + PM Overdrive 133 + 128M RAM + S3 Virge VX/DX + Voodoo2
Packard Bell PB520R + PM Overdrive 133 + 128M RAM + S3 Trio 64 + Voodoo2
Intel Premiere PCI + PM Overdrive 133 + 128M RAM + S3 Virge VX/DX + Voodoo2
Asus P/I-P55TVP4 + P200 + 128M RAM + S3 Virge VX/DX + Voodoo2
Asus P/I-P55TVP4 + PM MMX 233 + 128M RAM + S3 Virge VX/DX + Voodoo2
Asus P/I-P55TVP4 + PM MMX 233 + 128M RAM + Diamond Stealth 3D 2000
Gigabyte GA-686BX + P2 233 + 256M RAM + Voodoo3 3000
Gigabyte GA-686BX + P2 233 + 256M RAM + S3 Virge VX/DX + Voodoo2
Gigabyte GA-686BX + Celeron 533 + 512M RAM + Voodoo3 3000

These are the configurations I tested. BSOD occurs on all of these. Can anyone give some hints as to why that happens?

DirectX is installed during game installation process too. Drivers used were the latest available for each.