  In this work we consider the implications of current $b \to s \ell^+ \ell^-$
($\ell=e,\,\mu$) measurements on several $B \to K^* \tau^+ \tau^-$ observables
under the assumption that the possible new physics can have both universal as
well as nonuniversal couplings to leptons. For new physics solutions which
provide a good fit to all $b \to s \ell^+ \ell^-$ data, we intend to identify
observables with large deviations from the Standard Model (SM) predictions as
well as to discriminate between various new physics solutions. For this we
consider the $B \to K^* \tau^+ \tau^-$ branching fraction, the $K^*$
longitudinal fraction $f_L$, the tau forward-backward asymmetry $A_{FB}$ and
the optimized observables in the $P_i^{(')}$ basis. Further, we construct the
$\tau - \mu$ lepton-flavor differences ($Q^{\tau\mu}$) between these tau
observables and their muonic counterparts in $B \to K^* \mu^+ \mu^-$ decay.
Moreover, we also consider lepton-flavor ratios ($R^{\tau\mu}$) of all of these
observables. We find that the current data allows for deviations ranging from
25% up to an order of magnitude from the SM value in a number of observables.
For e.g., the magnitudes of $Q^{\tau \mu}_{P_3}$ and $Q^{\tau \mu}_{P'_8}$
observables can be enhanced up to an order of magnitude, a twofold enhancement
in $Q^{\tau\mu}_{A_{FB}}$ is possible along with $\sim$50% enhancement in
$R^{\tau\mu}_{K^*}$ and $\sim$25% in $R^{\tau\mu}_{A_{FB}}$. Moreover, the
branching ratio of $B \to K^* \tau^+ \tau^-$ can be suppressed up to 25%. A
precise measurement of these observables can also discriminate between a number
of new physics solutions.
