The accused used the proceeds of the fraud to fund a luxurious lifestyle, including luxury flats, high-end cars, and expensive watches, while enticing 42 victims across Maharashtra and Gujarat with promises of 5 per cent monthly returns on investments, an official from EOW said

Tata Sons had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies. However, the regulator's latest decision means the holding company faces the mandatory listing