** Shares of Merchants Bancorp down 3.5% after NINGI Research discloses short position
** Accuses bank of "reckless expansion" and highlights risks from its commercial real estate loan portfolio
** Says MBIN granted loans to bad actors, like landlords prosecuted by State Attorney Generals
** Warns the bank's bad loans may shoot higher
** MBIN did not immediately respond to a Reuters request for comment
** Reuters could not independently verify the allegations made in the report
** Stock up 5% YTD as of last close
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
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